Skip to main content

HARP Refis Decline in Q3

NationalMortgageProfessional.com
Dec 24, 2013

Total refinance volume, including refinances through the Home Affordable Refinance Program (HARP), decreased in the third quarter of 2013 as mortgage interest rates steadily increased in the preceding months, according to the Federal Housing Finance Agency’s Third Quarter 2013 Refinance Report. Total refinance volume was just under 900,000 while a little more than 200,000 homeowners refinanced through HARP in the third quarter 2013, bringing the total number of refinances through the program to nearly 778,000 for the year. To date, more than 2.9 million homeowners have refinanced through HARP since the program began in April 2009. Also in the third quarter 2013 report: ►HARP volume represented approximately 23 percent of total refinance volume in the third quarter. ►Through the third quarter, borrowers with loan-to-value (LTV) ratios greater than 105 percent accounted for 36 percent of the volume of HARP loans. ►The number of completed HARP refinances for deeply underwater borrowers—those with LTV ratios greater than 125 percent—continued to represent a significant portion of total HARP volume. Sixteen percent of the loans refinanced through HARP in the third quarter had higher LTV ratios. ►HARP continued to account for a substantial portion of total refinance volume in certain states. Through the third quarter, HARP refinances represented 57 percent of total refinances in Nevada and 49 percent of total refinances in Florida, more than double the 22 percent of total refinances nationwide over the same period.
Published
Dec 24, 2013
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021