Regions Bank Participates in Expanded HARP Program to Help Homeowners
January 05 2012 - 9:00AM
Business Wire
Regions Bank (NYSE: RF) is reminding homeowners facing
difficulties with their mortgages that there are a number of
programs available to help keep them in their homes, including the
expanded Home Affordable Refinance Program (HARP).
Regions Bank is a participant in the revised program, which
previously helped thousands of Americans refinance their mortgages.
The new program expands upon the original HARP program, introduced
in 2009, by:
- Extending the end date for HARP until
December 31, 2013;
- Eliminating certain risk-based fees for
borrowers who refinance into shorter-term mortgages and lowering
fees for other borrowers;
- Removing the current 125 percent
loan-to-value ceiling, allowing more borrowers to qualify for help;
and
- Simplifying the various paperwork
involved in processing the loan.
“Regions is committed to supporting programs that help consumers
avoid foreclosure, through our own Customer Assistance Program and
the broader Making Homes Affordable initiatives,” said Barb Godin,
Chief Credit Officer for Regions. “Since 2007 Regions has kept more
than 41,000 customers in their homes, while maintaining a
foreclosure rate that is half the national average. The changes to
the HARP program make it easier for homeowners in need of help to
find it, and to take advantage of historically low interest
rates.”
One important expansion of the HARP program allows any
participating institution to refinance a mortgage owned by Fannie
Mae or Freddie Mac. Previously, the only institution that could
refinance a loan under the HARP program was the current servicer
for the mortgage. The expansion of the program allows Regions to
assist both those individuals who have a mortgage through Regions
and those who have their mortgage with another provider.
In addition to participating in HARP, Regions has also provided
assistance to homeowners through the Federal Housing Finance
Agency’s (FHFA) Home Affordable Modification Program (HAMP) and
through Regions Customer Assistance Program.
Homeowners with mortgages owned/guaranteed by either Fannie Mae
or Freddie Mac may be eligible to take advantage of HARP due to
these recent changes and refinance their mortgages under the
enhanced program. To determine if your mortgage is owned by either
entity, consult www.freddiemac.com/mymortgage or
www.fanniemae.com/loanlookup.
Interested homeowners can also contact 1-888-FOR-REFI [367-7334]
or http://www.regions.com/harp for more information on the HARP
program or 1-800-748-9498 for the Regions Customer Assistance
Program.
About Regions Financial Corporation
Regions Financial Corporation, with $130 billion in assets, is a
member of the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, trust,
securities, brokerage, mortgage and insurance products and
services. Regions serves customers in 16 states across the South,
Midwest and Texas, and through its subsidiary, Regions Bank,
operates approximately 1,800 banking offices and over 2,100 ATMs.
Its investment and securities brokerage trust and asset management
division, Morgan Keegan & Company Inc., provides services from
over 300 offices. Additional information about Regions and its full
line of products and services can be found at www.regions.com.
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