Glossary & Abbreviations

HARP – Home Affordable Refinance Program
FHFA – Federal Housing Finance Agency

P&L – Profit and Loss Statement
LTV – Loan-to-Value (Value of 1st mortgage only)
CLTV – Combined Loan-to-Value (Value of ALL mortgages)
ARM – Adjustable Rate Mortgage
PMI – Private Mortgage Insurance

LPMI – Lender-Paid Mortgage Insurance
Having LPMI on your loan makes you HARP-ineligible.

LLPA – Loan-Level Pricing Adjustments
LLPAs are charges for risk factors like low credit scores and high loan-to-value that are charged as a percentage of loan amount, typically by Fannie Mae or Freddie Mac.

Overlays – Additional, restrictive rules that lenders can impose
(Any lender can impose overlays for the HARP program.)