Offers lenders and servicers enhanced efficiency of the first lien refinance process
Helps improve consumer access to HARP loans through shorter refinance process timelines
Facilitates a process in which participating second lien servicers agree to a specified turn time for the subordination approval
Retains safety and soundness for second lien servicers, while increasing borrower satisfaction JACKSONVILLE, Fla. -- Feb. 13, 2014 -- today announced it is facilitating a Streamlined Subordination Program for Home Affordable Refinance Program (HARP) loans on behalf of many lenders and servicers in the mortgage industry. The goal of the program is to improve consumer access to HARP loans by enhancing the efficiency of the first lien refinance process. As part of this process, participating financial institutions agree to follow a standardized process to permit second liens to remain in the subordinate position upon the refinancing of the first lien. As a result, the HARP Streamlined Subordination Program can significantly reduce the timeline associated with completing HARP loans, while retaining safety and soundness for the second lien servicer and increasing borrower satisfaction. The HARP Streamlined Subordination Program is designed for no cash-out rate and term refinance loans as defined by the Making Home Affordable Program.
“All parties in the transaction benefit from this program,” said Al Verkuylen, executive vice president of Title and Escrow Strategy at ServiceLink, a Black Knight company. “In addition to the enhanced process efficiencies gained by the first lien originator and second lien servicer, the speed with which the subordination agreement is returned improves borrower satisfaction.”
To learn more about the Streamlined Subordination Program, requirements to participate and implementation steps, please visit www.harpssp.com.
About Black Knight Financial Services, LLC
Black Knight Financial Services, a Fidelity National Financial (NYSE:FNF) company, is the mortgage and finance industries’ leading provider of integrated technology, data and analytics solutions. Comprised of technology offerings from the union of LPS and ServiceLink, Black Knight Financial Services offers leading software systems; data and analytics offerings; and information solutions that facilitate and automate many of the business processes across the mortgage life cycle.
Black Knight Financial Services helps clients in the mortgage industry and beyond achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.