Regions Bank (NYSE: RF) has set a goal in 2012 of providing more than $1 billion of relief to homeowners through the Federal Housing and Finance Administration’s Home Affordable Refinance Program (HARP).
Under the revised program, homeowners with loans owned by Fannie Mae or Freddie Mac – including those whose property values have declined and have been unable to refinance – may qualify based on when they purchased their home and other criteria. HARP features:
- Loans designed to help homeowners who may not be candidates for conventional refinances or who owe more than their home is worth take advantage of historically low interest rates and other refinancing benefits.
- Opportunities to refinance with a current loan servicer and now, other participating lenders, such as Regions.
- Elimination of certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for others.
- Simplification of various paperwork involved in processing the loan.
“With rates at all-time lows and programs like HARP in place to help borrowers, homeowners should explore whether refinancing makes sense for them,” said Logan Pichel, head of Regions Consumer Lending. “With HARP specifically, we believe that there are literally thousands of people who could achieve a better financial footing by taking advantage of this program.”
Anticipating interest in HARP, Regions has increased staffing to handle additional application volume. The company anticipates closing $1 billion in HARP refinances, alone, in 2012.Regions has been an industry-leader in helping customers facing hardships due to economic or natural disasters. Since late 2007, Regions has helped more than 42,000 of its customers stay in their homes through its in-house Customer Assistance Program, providing deferrals, loan modifications and other help to customers in need. Regions has also assisted borrowers through both of the original arms of the Making Home Affordable Program: HARP and the Home Affordable Modification Program (HAMP). Homeowners who want to determine if their mortgage is owned by either Fannie Mae or Freddie Mac, and then may be eligible for HARP should 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 $127 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, wealth management, trust, 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 1,700 banking offices and more than 2,000 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 90 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com .
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