Fannie Mae and Freddie Mac together reported close to 135,000 refinances in November 2014, according to the latest from the Federal Housing Finance Agency, down from nearly 139,000 in October. Monthly refinance numbers moved in fits and starts throughout 2014, bouncing between a low of March and October's year-to-date high—though the trend in the year's latter half was largely upward as mortgage rates fell to an average of nearly 4 percent.
As overall refinancing fell, so too did the number of mortgages refinanced under the Obama administration's Home Affordable Refinance Program, which targets borrowers with high loan-to-value ratios. For November, the GSEs reported a combined 12 and a half thousand HARP refinances, putting demand for the program at its lowest point in years. Year-to-date through November, HARP refinances totaled a little bit over 201 thousand, less than a quarter of 2013's full-year number.
In the wake of what's been a bumpy year for the company, Altisource Portfolio Solutions is cutting more than 800 jobs both overseas and at home. In a call last week with investors, CFO Michelle Esterman said the layoffs reflect the company's need to realign its expenses as the company’s biggest customer, Ocwen, faces roadblocks to its own growth. A spokesperson for Altisource confirmed the layoffs, and media outlets in Boston and India have reported news of local offices cutting staff.