Short Refinances, Everett - Cairn Advisors
In November, FHA extended the principal reduction loan program for two more years. The FHA short refinance program was first authorized by Congress in 2008 to assist non-FHA borrowers that are underwater. It has evolved over time and is now being extended through 2016. The short refinance is an under-utilized tool for investors who are looking to monetize their performing loans at a higher yield than a sale of the re-performing note. Joining the broadcast to discuss short refinances is Craig Everett, principal at Cairn Advisors. Craig has over 20 years’ experience in the mortgage industry in a variety of lending environments. Craig’s previous positions include Vice President of Distressed Originations for Lime Financial/Credit Suisse and Founding Partner of Wealthbridge Mortgage a 50 state originator and special servicer. Craig has spent the last 5 years as principal of Cairn Advisors working in the distressed origination space where he has helped hedge funds, servicers and other clients maximize the return on their assets through unique loss mitigation strategies.