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Tag Archives: Refinance

HARP Refinance Volume Falls 20% from April to May

The number of borrowers who refinanced through the Home Affordable Refinance Program (HARP) fell 20 percent month-over-month in May, data from the Federal Housing Finance Agency (FHFA) revealed. The GSEs refinanced 84,648 borrowers through HARP in May, down from 106,910 in April. Since HARP's 2009 inception, the program has refinanced over 2.6 million loans.

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Report Suggests Relaxing HARP Rules to Help More Borrowers

If two tweaks were made to the Home Affordable Refinance Program (HARP), refinancing activity could increase substantially, according to a report from the Federal Reserve Bank of New York. One change would be to remove the cutoff date that limits eligibility to Fannie Mae and Freddie Mac loans that were obtained by June 1, 2009. The second change would be to allow borrowers to refinance under the program more than once.

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GSEs Refinance Nearly 107K Loans Under HARP in April

In April alone, nearly 107,000 loans were refinanced through the Home Affordable Refinance Program (HARP), up from 99,000 in March, according to data FHFA. April's figure raises the total since the program's 2009 inception to 2.56 million. The program also continued to help a large share of underwater borrowers. From January to April, 44 percent of GSE borrowers who refinanced under the program had loan-to-value ratios greater than 105 percent.

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Deloitte Analyzes Short and Long Term Outlook for Lenders

With demand, prices, and credit conditions all on a path to recovery, Deloitte Banking & Securities research leader Val Srinivas examined the problems still facing originators and how they must adapt to overcome. The biggest challenge to the housing market in general right now is low supply. Also changing the landscape is imminent end of the refinance boom, which has been drawing to a close as mortgage rates start to pick up again.

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Freddie Mac: 28% of Refinancers Shortened Loan Term in Q1

Freddie Mac released the results of its first-quarter 2013 refinance analysis, showing more refinancers are interested in shortening their loans. Of borrowers who refinanced during Q1, 28 percent shortened their loan term, Freddie Mac reported--up from 27 percent in Q4 2012. The majority (68 percent) elected to keep the same term as the loan they had paid off, while 3 percent chose to lengthen their loan term.

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Refinance Demand Up to 3-Month High

The Market Composite Index in the Mortgage Bankers Association's (MBA) weekly applications survey rose a seasonally adjusted 1.8 percent for the week ending April 26, the group reported. Unadjusted, the index was up 2 percent week-over-week. The Refinance Index increased 3 percent from the previous week, rising to its highest level since the week ending January 18. The share of refinance applications done under the Home Affordable Refinance Program (HARP) increased to 34 percent, its highest recorded level.

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FHFA Extends HARP for Another Two Years

The Federal Housing Finance Agency (FHFA) granted the Home Affordable Refinance Program (HARP) a two-year extension, the agency announced Thursday. Under the direction of FHFA, Fannie Mae and Freddie Mac's regulator, the program will live on until December 31, 2015. ""More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,"" said FHFA Acting Director Edward J. DeMarco. ""We are extending the program so more underwater borrowers can benefit from lower interest rate.""

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FHFA: 47% of HARP Refis in January Were for Underwater Borrowers

In January, Fannie Mae and Freddie Mac refinanced about 97,600 loans through the Home Affordable Refinance Program (HARP), of which nearly half represented underwater borrowers, the Federal Housing Finance Agency (FHFA) reported Tuesday. The agency's report revealed 47 percent of loans refinanced through HARP in January had loan-to-value (LTV) ratios greater than 105 percent. In addition, a quarter of the borrowers were deeply underwater, with 25 percent of loans refinanced through HARP having LTVs greater than 125 percent.

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New England Mortgage Activity Improves to 5-Year High

Mortgage originations in the New England region hit a five-year high in 2012, The Warren Group reported. According to the company's Mortgage MarketShare Module, Massachusetts, Connecticut, and Rhode Island all recorded strong activity last year, with the Bay State showing the most strength.

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Industry Experts Predict Price Growth into 2017

Zillow and Pulsenomics surveyed a nationwide panel of 118 economists, real estate experts, and investment and market strategists to get their thoughts on future home values and housing market policies. On average, the panel forecasts price growth of 4.6 percent in 2013 and 4.2 percent in 2014. More moderate growth averaging 4.1 percent is expected to follow into 2017. The panel also responded to questions on refinance options for underwater borrowers, with the majority expressing support for proposals that would allow certain underwater borrowers to refinance

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