HARP Refis Continue To Dominate Volumes - Is Your Company Taking Advantage?
As expected following adjustments to the program to allow more underwater borrowers to participate, refinances under the Home Affordable Refinance Program have continued to surge during the past few months. Data from the Federal Housing Finance Agency shows they made up a third of refi volumes in June.
During the first six months of this year, the FHFA says Fannie Mae and Freddie Mac have refinanced more than 422,000 loans through HARP, which eclipses the full-year total of just more than 400,000 last year.
Borrowers with loan-to-value ratios of more than 125 percent made up 40 percent of HARP volume, showing the impact of the shift in requirements. LTV ratios of more than 105 percent were seen on 62 percent of applications.
Rhode Island saw the highest percentage of HARP loans during June in New England, echoing the national trend of harder-hit states seeing higher HARP volumes. More than 32 percent of GSE refis during the month in Rhode Island were through HARP.
Those looking for ways to take further advantage of HARP opportunities before the supply of potential refinance borrowers runs out and the program ends may be able to discuss questions at the New England Mortgage Banking Conference this fall, where Freddie Mac will be an exhibitor and Fannie Mae will be a speaker.