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.

Regions Financial (NYSE:RF)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Regions Financial Charts.
Regions Financial (NYSE:RF)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Regions Financial Charts.