Tag Archives: HARP

Demonstrating the extent to which eligibility has opened up in the last year, a new survey from loanDepot.com shows more than half of homeowners who recently refinanced through the Home Affordable Refinance Program (HARP) had been turned down for the program previously. Reforms announced in December 2011 removed many restrictions from the program, granting access to previously ineligible homeowners. The expanded "HARP 2.0" removed the ceiling on eligible loan-to-value ratios--welcome news for the most severely underwater borrowers.

Meg Burns, senior associate director for housing and regulatory policy for the Federal Housing Finance Agency, joined Zillow for a Google+ Hangout session to field questions from underwater homeowners and explain the Home Affordable Refinance Program's (HARP) finer points. Hosting the call was Erin Lantz, Zillow's director of mortgages. Thursday's question and answer session represented one way in which FHFA is working to spread knowledge of HARP and get more borrowers involved.

The Federal Housing Finance Agency (FHFA) announced the launch of a new nationwide campaign intended to encourage eligible borrowers to contact their lenders about the Home Affordable Refinance Program (HARP). "With the launch of this campaign we look forward to reaching those homeowners who may not know about the program or understand the eligibility criteria to take advantage of today's low interest rates by refinancing through HARP," said FHFA Acting Director Edward DeMarco.

Purchase loans took up more space among originations in August as credit requirements eased, according to data presented in Ellie Mae's monthly Origination Insight Report.

A slight decline in interest rates helped boost mortgage application volume last week, the Mortgage Bankers Association (MBA) reported Wednesday in its Weekly Mortgage Applications Survey. The survey's Market Composite Index, a measure of loan application volume, increased 11.2 percent on a seasonally adjusted basis for the week ending September 13. The weekly improvement was aided in part by a rebound in refinance activity, which increased 18 percent from the previous week.

A report from the Federal Housing Finance Agency Office of Inspector General (FHFA OIG) found a lack of borrower education is a critical barrier to the performance of the Home Affordable Refinance Program (HARP). "[M]any borrowers have not heard of the program, confuse the program with other government housing programs, or do not realize that they are eligible," the report stated. In address borrower misconceptions, FHFA announced plans to implement a nationwide public relations campaign to inform borrowers.

Fannie Mae and Freddie Mac together recorded 418,004 refinances in May, a drop from 463,587 in April but still well above May 2012's 341,185.

Fannie Mae and Freddie Mac reported a combined 107,000 refinances in April through the Home Affordable Refinance Program (HARP), according to data from the Federal Housing Finance Agency (FHFA).

Treasury Secretary Jack Lew announced Thursday that Treasury is extending the Making Home Affordable Program for another two years. The new expiration date is now set for December 31, 2015.

According to Ellie Mae's findings, purchase loans made up 42 percent of loans closed in April, up from 38 percent in March, while refinances represented 58 percent. According to Ellie Mae president and COO Jonathan Corr, the last time purchase loans broke the 40 percent mark was July 2012. Among purchase loans, the closing rate was about 58.2 percent, while the rate for refinances was 50.5 percent. The overall closing rate for loans analyzed in the sample was 53.2 percent, a pull back from March.