February 11, 2012 , Important Bloomberg Financial Article by Hugh Son:This article Illustrates what we hoped would not materialize with the HARP refinance program.
"Bank of America Corp., struggling to handle mortgage refinancing after a U.S. program boosted demand, is telling some customers to wait 90 days before starting an application", said two people with knowledge of the policy.
"The firm began a reservation system last week that asks those who call during high-volume times if they wish to be contacted again in 60 to 90 days, said two people who requested anonymity because the measure hasn’t been announced. ""The delays may push borrowers to other lenders or discourage them from taking advantage of record low interest rates. The government’s Home Affordable Refinance Program, which helps homeowners lower payments, has increased refinance applications and strained capacity at Bank of America, which exited some mortgage lines last year. The U.S. program, now dubbed HARP 2, was broadened in 2011 so more people qualify.
“The HARP 2 program is a much bigger deal than people thought, and Bank of America is dysfunctional to begin with,” Paul Miller, an analyst at FBR Capital Markets Corp., said in an interview. “This is a result of getting out of the business at the exact time they should be getting into the business.”
To get started on your HARP refinance just call us at 602-492-8393 we would be happy to assist you.
