MortgageTechnology

Zillow revamps iPhone and iPad mortgage marketplace apps

Portal's Apple apps now include HARP and FHA loan refinancing info

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Zillow has updated its Mortgage Marketplace app for iPhone and iPad to enable underwater homeowners to connect with lenders who are quoting Home Affordable Refinance Program (HARP) and Federal Housing Administration (FHA) Streamline Refinance loans. Quotes for those programs were previously available directly from lenders, and on the desktop version of Zillow's website. The company said many underwater homeowners have found it challenging to find a lender who is quoting these programs, or find a one with affordable fees. Zillow has estimated that at the end of March, about 1 in 4 homeowners with a mortgage were underwater on their homes, while another 18 percent had less than 20 percent equity in their homes. The Obama administration created the HARP program in 2009 in order to make it possible for underwater borrowers whose loans were packaged into securities guaranteed by Fannie Mae and Freddie Mac to refinance in order to take advantage of lower mortgage rates, without requiring...