The Home Affordable Refinance Program has been enhanced at a privately owned wholesale mortgage lender. The company has also adapted its income verification requirements for the government shutdown.
Last year, 360 Mortgage Group LLC announced that its new business had reached an all-time high thanks to skyrocketing HARP originations.
At the time, the Austin, Texas-based firm said that it was increasing its staff in anticipation of further growth in HARP production.
A statement Wednesday from 360 Mortgage indicated that it is now accepting manufactured home property types on DU Refi Plus eligible loans.
“Essentially, 360 Mortgage has removed the property type restriction they had on HARP loans and will now accept all property types which are HARP eligible and receive an approve/eligible AUS finding,” the statement said.
In addition, the wholesaler said it will accept signed tax returns in lieu of a 4506-T tax return validation from the Internal Revenue Service.
While a signed 4506-T form is still required, the tax return verification won’t be pulled during the government shutdown.
“There are some rare situations in which the TRV from the IRS will be required (i.e. more than 5 properties on the REO), but those scenarios are FNMA imposed and identified on the AUS,” the statement said.
