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Tag Archives: Refinance

QE3 Will Increase Non-HARP Refi Activity for GSEs: KBW

Following FHFA's report on HARP refinances in August, Keefe, Bruyette & Woods (KBW) released its own analysis of the data and expressed anticipation for an even greater increase in non-HARP refinance activity. KBW explained FHFA data on HARP volume showed a 2.6 percent month-over-month increase in August, while non-HARP GSE refinance activity was up 23.6 percent.

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HARP on Track to Reach 1M Borrowers This Year

Nearly 99,000 homeowners refinanced their mortgages in August through the Home Affordable Refinance Program (HARP), the Federal Housing Finance Agency (FHFA) said Tuesday. Since the beginning of this year, when a broader group of borrowers were made eligible for the program, the federal government's HARP initiative has put 618,217 homeowners with loans owned by Fannie Mae or Freddie Mac into new mortgages with lower interest rates. According to FHFA, HARP is on target to reach a million borrowers in 2012.

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Reports: Refi Numbers Low Despite Low Mortgage Rates

It was no surprise when mortgage rates dropped in the weeks following the Fed's announcement that it would purchase $40 billion of agency mortgage-backed securities (MBS) each month until the labor market shows substantial improvement. Even with the record-low mortgage rates seen today, refinancing numbers are still not as high as expected. CoreLogic and Capital Economics highlighted different factors for the lack of refinancings in separate reports.

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Refinance Activity Surges Following Dip in Mortgage Rates

Mortgage applications saw increased activity in the last week of September, the Mortgage Bankers Association (MBA) reported. Mortgage application volume increased 16.6 percent in the week ending September 28, according to MBA's Mortgage Composite Index. Meanwhile, the Refinance Index increased 20 percent from a week before to its highest recorded level since April 2009.

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Foreclosures Decline but Remain High, Prepayments Surge: LPS

Foreclosure inventory continues to decline but remains more than eight times what it was in the decade prior to the housing crisis, according to the latest report from Lender Processing Services (LPS). Noncurrent loans make up 10.9 percent of all loans as of August, demonstrating a year-over-year change of -7.6 percent, according to LPS. As of August, the delinquency rate stands at 6.9 percent, and the foreclosure rate is 4.0 percent. LPS also noted prepayment activity was up ""significantly"" in August, nearing levels last reported in 2005.

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2011 Lending Data Reveals Declining Conventional, FHA Activity

The data showed that the total number of originated loans of all types and purposes fell by about 780,000 - 10 percent - from 2010 to 2011, partly because of a 13 percent decline in refinancings. The overall drop in refinancings was the result of declines in conventional and FHA activity, as data revealed that VA-related refinancing activity actually rose 41 percent.

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Senators Introduce Refi Bill to Expand HARP, C.A.R. Expresses Support

Lawmakers introduced a bill on Monday with plans to once more revamp the Home Affordable Refinance Program for current borrowers with eligible loans with Fannie Mae and Freddie Mac. Sens. Barbara Boxer and Robert Menendez, among others, drafted the Responsible Homeowner Refinancing Act to increase lender competition, open up refinance opportunities to all current borrowers with government-backed mortgages, and strike through appraisal costs and upfront fees on home loans.

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