Black Knight Financial's software is powering the Home Affordable Refinance Program's (HARP) Streamlined Subordination Program, which improves consumer access to HARP loans through shorter refinance process timelines.
Through this new program – the result of a collaboration among industry players – lenders and servicers can deliver faster and more efficient service to homeowners looking to refinance through HARP. Black Knight's software helps speed the process through which participating second lien servicers agree to a specified turn time for the subordination approval.
Black Knight says by speeding the timelines for the HARP subordination program, via its widely adopted software, it ensures safety and soundness for second lien servicers, while increasing borrower satisfaction.
‘All parties in the transaction benefit from this program,’ says 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, click here.