LAKE MARY, Fla. --- Integrity Home Loan of Central Florida, Inc. has set its sights on capturing 20 percent of the residential mortgage refinance market in Central Florida and plans to expand to South Florida later this year.
Matt Malloy, president of Integrity Home Loan of Central Florida, said the impetus for the firm’s rapid growth comes from mortgage funding available through Fannie Mae’s and Freddie Mac’s HARP 2.0 program announced last October.
The first version of the HARP program – for Home Affordable Refinance Program – had many flaws, Malloy explained. Banks responded tepidly.
HARP 2.0, announced last October, fixed many of the flaws but traditional banks have not caught on yet, Malloy said.
“We have been very aggressive in applying HARP 2.0 criteria and we anticipate we may capture as much as 50 percent of the residential mortgage refinance market in Central Florida as a result,” Malloy said.
Under HARP 2.0 criteria, home owners can refinance their existing mortgage even though the mortgage may exceed 125 percent of the home’s market value. In addition, home owners need not be living in their home to qualify.
“HARP 2.0 makes it much easier for a home owner to qualify to refinance their mortgage at terms they can afford,” Malloy said. “The fact that most banks are slow to grasp the relevance of this has been very good for us so far and we are growing as a result.”
Malloy said Integrity has already opened an office in Coral Springs and plans to expand into the South Florida market later this year.
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