As of November 2012, Fannie Mae and Freddie Mac have refinanced more than 2 million loans through the Home Affordable Refinance Program (HARP), the Federal Housing Finance Agency (FHFA) reported Tuesday. According to FHFA, nearly 130,000 homeowners refinanced their mortgages through HARP in November alone, making it the second biggest month for HARP activity in 2012 (behind June's 137,000 HARP refinances). In addition, HARP volume represented 23 percent of total refinance volume in November.
Read More »360 Mortgage Group Calls for HARP 3.0
While the revised Home Affordable Refinance Program (HARP), commonly referred to as HARP 2.0, has allowed far more homeowners to refinance than the original version, there remains a large group of eligible homeowners who have yet to take advantage of the program.
Read More »President Addresses Housing Concerns, Demands Congressional Action
In his State of the Union address, President Obama acknowledged the progress that has been made in the housing market with rising prices, increasing home purchases, and an uptick on construction. However, "even with mortgage rates near a 50-year low, too many families with solid credit who want to buy a home are being rejected," he said. Obama also proclaimed his support for expanding access to refinancing, calling on Congress to pass a refinance bill currently in the pipeline.
Read More »Freddie Mac: 27% of Q4 Refinancers Shortened Loan Terms
Data released by Freddie Mac shows more than a quarter of borrowers who refinanced in Q4 2012 chose to shorten their loan terms.
Read More »Senators Revive Refinance Bill
Two U.S. senators reintroduced legislation designed to open up competition and limit barriers to refinance for qualified homeowners.
Read More »Analysts: Congress Resistant to Housing Assistance Programs
Keefe, Bruyette & Woods released its predictions of what actions the government is and is not likely to take to further assist the housing market.
Read More »Freddie Mac: Q4 Refinancers Saved Average 33% in Interest Rate
Homeowners who refinanced their mortgages in the fourth quarter of 2012 reduced their interest rates by an average of 33 percent.
Read More »LPS: 2012 Strongest Year for Originations Since 2007
On an annual basis, 2012 was the strongest year for originations since 2007, according to Lender Processing Services' December Mortgage Monitor.
Read More »Ellie Mae: Closing Rates, Time to Close Rise in December
Closing rates on all types of mortgage loans increased in December, according to data from Ellie Mae's Origination Insight Report.
Read More »LPS: HARP Continues to Drive Origination Activity
Elevated refinance activity under the Home Affordable Refinance Program continues to support overall growth in originations, according to LPS.
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