Fremont Bank Reports Refinance Progress

rnia-based Fremont Bank says it is processing $113 million in loans via the Home Affordable Refinance Program, with nearly 400 loans in the queue. Fifty-seven mortgages have been refinanced since guidelines for the government's program were released. ‘Fremont Bank has leveraged multiple scenarios to help its qualified clients stay in their homes by capitalizing on these Making Home Affordable programs introduced by the federal government and Fannie Mae," says Fremont Bank's vice president of residential lending, Gary De Luca. The bank notes that the program's simplified underwriting approach, combined with historically low mortgage rates, has made refinancing attractive to borrowers. Absent Making Home Affordable and institutional involvement, "homeowners could be looking at a pretty bleak scenario," De Luca says. "Fortunately, the scenario is changing." SOURCE: Fremo


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