FHFA: Refi Volume Slips in Q1 – NMP Skip to main content

FHFA: Refi Volume Slips in Q1

NationalMortgageProfessional.com
May 28, 2014

The total volume of mortgage refinances continued to decline through the first three months of 2014, according to the Federal Housing Finance Agency's First Quarter 2014 Refinance Report. Total refinance volume for the first quarter topped 370,000 while refinances through the Home Affordable Refinance Program (HARP) stood at just under 77,000. This marks the fourth straight quarter in which total refinances and HARP refinances have declined. The report notes that refinance volume was down in March as mortgage interest rates rose. Over the last five years, more than 19 million refinances have been completed, including 3.1 million through HARP. As announced recently by FHFA Director Mel Watt, efforts are underway to retarget HARP outreach to reach approximately 750,000 remaining eligible borrowers who could still benefit from the program. Also in the first quarter 2014 report: ►HARP volume represented roughly 21 percent of total refinance volume in the first quarter of 2014. ►Through the first quarter, 23 percent of HARP refinances for underwater borrowers (those with a loan-to-value ratio greater than 105 percent) were for 15- and 20-year mortgages, which build equity faster than traditional 30-year mortgages. ►HARP continued to account for a substantial portion of refinance volume in certain states. Through the first quarter, HARP refinances represented 41 percent of total refinances in Georgia and 38 percent of total refinances in Florida, nearly double the 21 percent of total refinances nationwide over the same period.
Published
May 28, 2014
Chairman Xu Sells Off Personal Assets To Avoid Default

The Evergrande saga continues as Chairman Xu Jiayin sells off 7 billion yuan ($1.1 billion) of his personal assets to prop up the deflating property giant.

Industry News
Nov 23, 2021
OptiFunder Secures $25 Million In Capital

OptiFunder, a warehouse management system provider for mortgage originators, raised $25 million in additional capital lead by Arthur Ventures, a growth capital firm focused on high-growth, founder-led and capital efficient B2B software companies.

Tech
Nov 23, 2021
Mortgage Company Donates $100K To High School In Memory Of Fallen U.S. Navy Corpsman

Cleveland-based CrossCountry Mortgage donated $100,000 to Milan Edison High School in memory of U.S. Navy Corpsman, Maxton W. Soviak, who died while assisting in the evacuation of Americans and refugees in Afghanistan in August.

Community
Nov 23, 2021
MISMO Seeks To Standardize Pre-Closing Title Data

Forming workgroup to focus on standardizing document datasets to streamline process and increase efficiency.

Industry News
Nov 23, 2021
Pandemic's Impact On Real Estate Around The World

Although the impact of the COVID-19 pandemic on the real estate industry has been well-documented within the United States, it’d be prudent to know how the global event impacted other countries as well. 

Industry News
Nov 22, 2021
Housing Market Potential Strengthens Modestly

First American Financial Corporation's Potential Home Sales Model for October 2021 reported that potential existing-home sales increased 0.1% month-over-month to 6.27 million, with household formation continuing to grow, largely driven by millennials.

Analysis and Data
Nov 22, 2021