In what it is calling an effort to further assist distressed borrowers under the recently revamped Home Affordable Refinance Program (“HARP”), WFG Lender Services (“WFGLS”), Simi Valley, Calif., has launched its new flat fee services platform, in which the settlement services fee structure is not based on the amount of the refinanced mortgage.
According to William Moody, Executive Vice President overseeing WFGLS, the new pricing plan bundles title and closing services into one single flat fee for any HARP loan in states where such products and pricing are not limited by regulation, or in other states up to conforming loan limits as regulated. The fee is aggressively reduced from previous pricing, allowing the mortgage lender or institution originating the HARP loan to pass further savings to the borrower.
“The point of HARP is to assist borrowers struggling with their mortgage payments,” said Moody. “Our program is designed to support that sentiment, by streamlining and reducing closing and settlement fees.”