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Home | Tag Archives: Refinance

Tag Archives: Refinance

HARP Refinances Recover from Previous Spike

The drop in HARP refinance volume follows a spike in Q3 and Q4 2016. The FHFA reports that borrowers completed 13,425 refinances through the Home Affordability Refinance Program (HARP) in Q1 2017, bringing the total amount of HARP refinances to 3,461,096. Of all refinances that quarter, HARP represented 3 percent.

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FHFA Reports Drops In Refinances

According to a report from the Federal Housing Finance Agency, total Refinance volume has dropped as mortgage rates have risen. In February 2017, borrowers completed 4,198 refinances through HARP, and since HARP’s inception in 2009, the program has made 3,456,422 refinances. HARP represented three percent of total refinance volume, and six percent of loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.

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Lenders Preferred Refinancing Over New Purchases Post-Crisis

A new study suggests that after the Fed began quantitative easing in 2008, many lenders began leaning more toward refinancing applicants than those seeking new purchase loans. This was likely due to the stronger payment history and less risk associated with these applicants. Weaker, less-capitalized banks were more likely to follow the trend.

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Freddie Mac’s Mortgage Portfolio Expands For Third Straight Month

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After slipping in October, purchase and issuance activity picked up again, coming to $29.5 billion, Freddie Mac reported. That was offset by an increase in sales and liquidations, which whittled the portfolio's monthly increase to about $614 million. In other monthly changes, the unpaid principal balance (UPB) of Freddie Mac's mortgage-related investments portfolio fell by approximately $4.7 billion last month, a negative annualized growth rate of 14.0 percent.

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HUD Settles Discrimination Claim

GFS Capital Holdings, formerly Greenlight Financial Services, settled a claim with HUD regarding discrimination of women on maternity leave. The company agreed to pay a total of $48,000 to individuals against which it allegedly discriminated. HUD investigated Greenlight after a family complained the company denied their refinance loan application because the wife was on maternity leave at the time.

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Freddie Mac’s Portfolio Shrinks 2.1% in May

Freddie Mac released its monthly volume summary for May 2014, tracking information on the company's mortgage-related portfolio, securities issuance, risk management, delinquencies, debt activities, and other investments. The summary found that overall, Freddie Mac's total mortgage portfolio decreased at an annualized rate of 2.1 percent in May.

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FHFA Announces HARP Milestone

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In a report released Monday, the Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac have reached the milestone of 3 million refinances under the Home Affordable Refinance Program (HARP)."Three million HARP refinances is an important accomplishment and represents real help to families and communities still struggling as a result of the mortgage crisis," said FHFA Director Mel Watt.

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FHA Updates Underwriting Guidelines for Evaluating Borrower Risk

The Federal Housing Administration (FHA) issued new guidelines for manually underwritten loan applications that should improve a lender's ability to evaluate borrowers' risk and reduce credit requirement ""overlays"" that exceed FHA's lending standards. The agency says the move will help restore its depleted Mutual Mortgage Insurance Fund from which it pays claims without forcing lenders to over-tighten credit standards.

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As Borrowers Emerge from Underwater, Cloud of Problem HELOCs Rises

The percentage of homeowners who owe more on their mortgages than their homes are worth has declined to less than 12 percent as of the third quarter of this year, according to Lender Processing Services' (LPS) Mortgage Monitor report. While the increasing number of homeowners rising above water is good news for the market, LPS detects some tumultuous seas ahead as a cloud of problem home equity loans forms on the horizon.

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