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Tag Archives: Refinance

HARP Refis Outshine 2011 Numbers, Make Monthly Drop

From January 2012 to July, 519,339 loans were refinanced under the Home Affordable Refinance Program (HARP), FHFA announced Friday. Two factors were named as the main drivers behind the high volume of refinancings: record-low mortgage rates and HARP changes such as the removal of the loan-to-value (LTV) ceiling.

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Poll: 4 Out of 5 Americans Won’t Refinance or Buy Despite Low Rates

Despite recent gains, homeowners still feel antsy about the housing market, with 4 out of 5 home-owning Americans unlikely to buy or refinance their homes, according to a recent poll. Union Plus, an arm of the AFL-CIO, conducted the survey with Harris Interactive. The findings? Only employees between ages 18 and 34 felt interested in making a housing investment over the next 12 months.

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Servicers Work Toward Fulfilling National Settlement Requirements

Five months after the nation's top five servicers settled with the states attorneys general and several federal agencies to address iniquities in foreclosure processes, Joseph A. Smith, Jr., the settlement monitor, released a preliminary report to inform the public of the servicers' progress so far. Thus far, the five servicers - Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial - offered $10.56 billion in relief to borrowers and have implemented between 35 and 72 percent of the 304 servicing standards detailed in the national settlement.

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Wells Fargo Helps 27k Find Relief through Settlement Programs

Wells Fargo announced it has made progress in meeting requirements to offer homeonwers relief as outlines by the national mortgage servicing settlement. The company stated in a release that it has helped more than 27,000 homeowners under the settlement terms, and it estimates it has fulfilled about 35 percent of its $4.3 billion consumer relief and refinance commitment.

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Refinance Activity Helps Boost Originations 44.6% Year-Over-Year

Outpacing industry forecasts, mortgage originations ticked up 5.2 percent in the second quarter, totaling $405 billion during the three-month period, according to a report released this week from Keefe, Bruyette & Woods. On an annual basis, originations are up 44.6 percent, according to the study. Keefe, Bruyette & Woods suggests much of the increase came from refinance activity driven by low interest rates.

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FHFA: HARP Accounts for Record 33% of June Refinances

HARP-assisted refinances drove record refinance activity in the month of June, FHFA revealed Tuesday. The agency released its Refinance Report for June 2012, showing that refinance volume remained strong in June as mortgage rates fell to all-time lows. An estimated 33 percent of refinance volume was done through HARP, the highest percentage since HARP's inception. The report revealed that at the end of June, Freddie Mac and Fannie Mae had refinanced 422,969 loans through HARP in 2012, more than the estimated total of 400,000 for all of 2011. This brings the total number of HARP refinances by the GSEs to 1.4 million.

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