Fremont Bank Encourages Homeowners to Take Advantage of the Upcoming Home Affordable Refinance Program Enhancements
FREMONT, Calif., November 14, 2011 Fremont Bank , a leading full-service mortgage lender in California, recently announced that it will be an early adopter of the enhanced Home Affordable Refinance Program (HARP 2.0) as announced in the October 24th News Release by the Federal Housing Finance Agency (FHFA).
HARP allows Fannie Mae and Freddie Mac borrowers who owe more than their home is worth to take advantage of historically low interest rates and other refinancing benefits.
Upcoming changes to the HARP 2.0 are an effort to attract more eligible borrowers by:
- Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages, while lowering fees for other borrowers
- Removing the current limit on loan-to-value (LTV)-previously set at 125 percent-to allow more borrowers to qualify (effective in Q1 2012)
- Extending the HARP through December 31, 2013
- Streamlining the appraisal process
In advance of the November 15th date when Fannie Mae and Freddie Mac are expected to provide definitive operational details about the HARP changes, Fremont Bank is establishing a special toll-free line (877-403-6382) and creating a dedicated HARP 2.0 team to expeditiously respond to inquiries. This team will be specially trained in the new guidelines, borrower eligibility and other program benefits.
“As a local bank serving our communities for nearly 50 years, we continue looking for new ways to help our local homeowners save money, eliminate unnecessary expenses and stay in their homes during these tumultuous times,”says Gary Deluca, Fremont Bank's Group Executive of Residential Lending. “We encourage our clients and all local homeowners to contact us or their current loan servicer to determine if they may be eligible to participate.”
Fremont Bank estimates that several thousand existing clients could benefit from the program. Borrowers are encouraged to visit Fremont Bank's website,www.fremontbank.com, for the latest updates and the HARP 2.0 developments.
About Fremont Bank
Fremont Bank (www.fremontbank.com)
is the leading full-service community bank in Northern California. Founded in 1964, Fremont Bank is one of the oldest independent family owned and managed banks in the region
and focuses on personalized service for individuals and businesses. It serves communities through 18 branches and seven additional ATMs throughout the Greater Bay Area.
Exceptional client service is the cornerstone of Fremont Bank’s business. Accommodation of customer needs in a friendly, personal atmosphere characterizes
the Bank’s culture.