Regions Bank Wants to Loan $1 Billion to Homeowners Under HARP Initiative

by Isaac Benmergui, Esq on April 6, 2012

The South Florida Business Journal reports that Regions Bank has a goal of loaning $1 billion in mortgages through the federal Home Affordable Refinance Program (HARP). Florida homeowners under Fannie Mae or Freddie Mac could qualify to receive a second chance to keep their home.

Regions Bank Using HARP to Loan $1 Billion for Home Refinancing

Under HARP, loans are made to homeowners whose home is worth less than they currently owe and who do not qualify for traditional refinancing. Homeowners looking to use HARP may do so with their current lender or under the $1 billion goal of Regions. The program also cuts some risk-based fees if borrowers can refinance with a short-term mortgage; others may see their fees lowered. HARP also simplifies the paperwork in order to speed up the process of the loan.

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