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Question by Ryan: Do I have to verify income for a HARP refi with same servicer?
I have a mortgage with Wells Fargo. I am applying for a HARP refinance on the home also through Wells Fargo. I spent several days getting tax statements and other information on order before I applied. I was shocked when the Wells Fargo guy said since they service my current loan already they don’t need to verify my income. Now I worry this guy doesn’t know what he is talking about, order but he said he has already done a ton of HARP loans under the new 2.0 guidelines. Obviously I am going to hold on to my income verification documents, remedy but has anyone else experienced a HARP refinance with the SAME company as their current lender where they didn’t verify income?
Best answer:
Answer by Rob
would not worry about it as u have the papers
when they need them.
WF is a challenge to work with depending on
who is on the other side.
What do you think? Answer below!
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Your current loan servicer has the ability to do a manually underwritten HARP loan, when any other lender would have to run your application through an automated underwiting system. Manaully underwritten loans have less strict underwrting requirements.
I don’t know whether your loan is backed by Fannie Mae or Freddie Mac.
Here is what Freddie Mac’s recent update on HARP rules says (http://www.freddiemac.com/learn/pdfs/uw/reliefrefi_ss.pdf):
Regardless of change in principal and interest, verify source of income. At least one Borrower must have a source of income and verification of the income source is required:
1. Employed income: verbal verification of employment is required and must meet the requirements of Guide Sections 37.20(b) and 37.22(a)
2. Self-employed: verification of existence of the business is required and must meet the requirements of Guide Section 37.22(a)
3. Other income sources: verification of the source of income is required and must be an eligible source meeting the requirements of Guide Section 37.13
In lieu of verifying an income source, the Seller may verify reserves equal to 12 monthly payments of principal, interest, taxes and insurance (PITI) for the new refinance Mortgage using funds in the borrower’s depository and non-depository accounts, including, but not limited to checking, savings, money market stocks, bonds and retirement accounts.
From my reading, it seems that the source of income must be verified, but that income docs are not.
I believe that Fannie Mae has similar requirements.
You can read more about HARP loans at Bills.com http://www.bills.com/harp-mortgage. If you can qualify for an automated HARP loan, I strongly recommend shopping around. You should comparison shop and see if you can find a better loan than what Wells Fargo offers you. Compare both the interest rate and all the fees.