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Changes to CMG MI’s HARP Program Become Effective December 2, 2011
CMG Mortgage Insurance Company (CMG MI) is pleased to announce some key enhancements that will support the recent changes to the Home Affordable Refinance Program (HARP) recently announced by the Federal Housing Finance Agency, Fannie Mae and Freddie Mac.
Key Changes to CMG MI’s HARP Program, Same Lender/Servicer and New Lender/Servicer, Effective 12/2/11:
- Closing Costs - The current 5% of the existing loan’s unpaid balance (UPB) plus accrued interest maximum as to the amount of financed closing costs has been eliminated. The new guideline is “reasonable and customary closing costs may now be financed into the new loan amount.”
- Mortgage Payment History: Must meet GSE guidelines.
- Reps and Warranties: For the Same Lender/Servicer program only, CMG MI relieves lenders of the representations and warranties associated with the original loan file.
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