Ellie Mae chief operating officer Jonathan Corr told this website that the HARP percentage has fluctuated over the course of the year, starting at around 2% or 3%, increasingly to as high as 11% in May, dropping to as low as 7% or 8% in the summer before climbing a bit again in the last three months.
However, recent Federal Housing Finance Agency data show HARP refinances with LTVs above 125% dropped 20% in October from the previous month, and borrowers in October with LTVs above 105% represented 45% of HARP activity as compared to 50% the previous month.
Ellie Mae in November found the total percentage of refinances among all loan types closed during the month slipped by one percentage point to 68%.
The percentage of conventional loans among all loans closed during the month also declined by 1%. Conventional loans represented 73% of the total, according to Ellie, which calculates its data based on a sampling of about one-third of the applications originated on its technology platform that close during the month.
LTVs overall averaged 79% for closed first-lien loans in November, up one percentage point from October.