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Tag Archives: HARP

New Online Freddie Mac Tool Helps Homeowners Navigate Relief Options

For homeowners facing a financial hardship, sometimes it can be difficult to know exactly what options might be available. To help homeowners get a better idea of what is out there, Freddie Mac released the Mortgage Help Navigator, a new online tool that assists homeowners with finding out what relief options might be applicable for them in their specific situation.

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FHFA: 45% of HARP Refis in Q1 Were for Underwater Borrowers

Refinance volume under the Home Affordable Refinance Program (HARP) stayed strong in March even as mortgage rates rose, the Federal Housing Finance Agency (FHFA) reported Wednesday. In March, the GSEs refinanced close to 100,000 loans through HARP, bringing the program total since the 2009 inception to nearly 2.4 million, according to the FHFA. The program continued to provide relief to underwater borrowers, who accounted for nearly half of all HARP refinances in Q1.

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Freddie Mac: 28% of Refinancers Shortened Loan Term in Q1

Freddie Mac released the results of its first-quarter 2013 refinance analysis, showing more refinancers are interested in shortening their loans. Of borrowers who refinanced during Q1, 28 percent shortened their loan term, Freddie Mac reported--up from 27 percent in Q4 2012. The majority (68 percent) elected to keep the same term as the loan they had paid off, while 3 percent chose to lengthen their loan term.

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Survey Finds Buyers, Owners Lack Basic Mortgage Knowledge

According to Zillow, homebuyers participating in its Mortgage Marketplace Survey answered basic questions on mortgage information incorrectly nearly one-third (32.5 percent) of the time. For example, 34 percent of first-time homebuyers are not aware that they might be able to get a home loan with a down payment of less than 5 percent. Prospective buyers aren't the only group who demonstrated a lack of basic mortgage knowledge. About one in five homeowners said they did not believe underwater borrowers could refinance.

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Low Mortgage Rates Reinforce Strength of February HARP Refis

Refinances through the government's Home Affordable Refinance Program (HARP) remained strong as mortgage rates stayed near record-low levels, according to the Federal Housing Finance Agency's (FHFA) most recent refinance report. In February, 97,738 Fannie Mae and Freddie Mac loans were refinanced under the program, bringing the total to 2.3 million since HARP's April 2009 inception. Underwater borrowers also continued to represent a large share total HARP refinance volume. Year-to-date through February, borrowers with LTVs beyond 105 percent accounted for nearly half of all HARP refinances.

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Ocwen Reports Surge in Profit, Record Revenue in Q1

Ocwen Financial Corporation experienced a surge in net income for the first quarter, which more than doubled over a year, and reported record revenue. In Q1 2013, Ocwen's net income jumped to $45.1 million, or $0.31 per share, up from 19.3 million, or $0.14 per share, a year ago. Revenue for the Atlanta-based company also surged 147 percent year-over-year to $406.7 million in Q1 2013, while income from operations increased 108 percent to $163.1 million during the same time period. ""Ocwen's core earnings and cash-flow were strong in the first quarter, and we should see these trend higher as a percentage of revenue as we drive down costs and delinquencies on newly acquired business,"" said Bill Erbey, Ocwen's chairman.

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FHFA Extends HARP for Another Two Years

The Federal Housing Finance Agency (FHFA) granted the Home Affordable Refinance Program (HARP) a two-year extension, the agency announced Thursday. Under the direction of FHFA, Fannie Mae and Freddie Mac's regulator, the program will live on until December 31, 2015. ""More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,"" said FHFA Acting Director Edward J. DeMarco. ""We are extending the program so more underwater borrowers can benefit from lower interest rate.""

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FHFA: 47% of HARP Refis in January Were for Underwater Borrowers

In January, Fannie Mae and Freddie Mac refinanced about 97,600 loans through the Home Affordable Refinance Program (HARP), of which nearly half represented underwater borrowers, the Federal Housing Finance Agency (FHFA) reported Tuesday. The agency's report revealed 47 percent of loans refinanced through HARP in January had loan-to-value (LTV) ratios greater than 105 percent. In addition, a quarter of the borrowers were deeply underwater, with 25 percent of loans refinanced through HARP having LTVs greater than 125 percent.

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HARP Refis Climb Over 1M Mark in 2012

According to FHFA, nearly 1.1 million HARP refinances were completed in 2012, bringing total volume to 2.2 million since the program's implementation in April 2009. The top five states for HARP refinances (since 2009) are California (which has reported 301,327 refinances under the program), Florida (175,686), Illinois (147,252), Michigan (144,709), and Arizona (106,387). In December, 18 percent of HARP refinances for underwater borrowers were for 15- and 20-year mortgages, which build equity faster than the traditional 30-year mortgage.

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Survey: Closing Costs, Misconceptions Keep Borrowers from HARP Refis

Borrowers who refinance through the Home Affordable Refinance Program (HARP) save an average of $83 per week, yet there are still hundreds of thousands of borrowers who are reluctant to refinance, according to a recent commentary authored by Tom Seidenstein, VP for financial markets and policy research at Fannie Mae&'s Economic and Strategic Research Group. To find out what drives borrowers, including those who are underwater, to refinance, the GSE's research group surveyed 2,400 borrowers with Fannie Mae loans who fit HARP eligibility criteria. The survey found 34 percent did not refinance because of closing costs, making it the most commonly cited reason.

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