Media Contact

Jim Cole
Bank of the West Corporate Communications
(415) 399-8268
Jim.cole@bankofthewest.com

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Karen Mayfield, National Sales Manager for Mortgage at San Francisco-based Bank of the West.
Karen Mayfield, National Sales Manager for Mortgage at San Francisco-based Bank of the West.

Bank of the West Sees Rise in Mortgage Applications from HARP 2.0

Federal program stimulates refinancing by underwater borrowers; Bank offers consumers Eight Essential HARP Tips and an educational video series on HARP loans on YouTube

SAN FRANCISCO — May 14, 2012 /PRNewswire/ — Bank of the West has seen a rise in mortgage loan applications since April as homeowners seek to take advantage of low interest rates under the government’s Home Affordable Refinance Program (HARP) 2.0.

Bank of the West’s Mortgage Banking Division projects 20% of its mortgage originations in the remainder of 2012 will be HARP refinance loans.

For consumers wanting to learn more about HARP, Bank of the West has published Eight Essential Harp Tips and introduced an educational video series on HARP loans that can be viewed on YouTube at YouTube.com/Bankofthewest.

“We are anticipating that one out of every five new borrowers will be a homeowner seeking a HARP 2.0 refinance loan this year,” said Karen Mayfield, Bank of the West’s National Sales Manager for the Mortgage Banking Division. “This program is providing real relief for homeowners who are current on their mortgage but have been unable to refinance due to a decline in the value of their home.”

HARP 2.0 is a federal mortgage refinance program aimed at helping homeowners who are current on their mortgage payments but have been unable to refinance due to the decline in home values in recent years.

Mayfield said low 30-year fixed rates are contributing to the wave of refi applications. The average U.S. rate on the 30-year fixed mortgage has been below 4% for most of 2012, according to data from Freddie Mac.

Bank of the West’s Eight Essential HARP Tips are:

About Bank of the West
Founded in 1874, $62.4 billion-asset Bank of the West (www.bankofthewest.com), Member FDIC and Equal Housing Lender, offers a full range of personal, commercial, wealth management and international banking services. The bank operates more than 700 retail and commercial banking locations in 19 Western and Midwestern states. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 80 countries with nearly 200,000 employees.

Media Contact:
Jim Cole
Bank of the West Corporate Communications
(415) 399-8268
Jim.cole@bankofthewest.com

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