HARP Hits 2 Million Mark in November as Refis Surge
HARP refinancings rebounded 42% in November from the prior month as GSE seller/servicers refinanced 129,550 Fannie Mae and Freddie Mac loans with LTVs above 80%, according to a new report released Tuesday morning by the Federal Housing Finance Agency.
It is the highest number of refinancings under the Home Affordable Refinance Program since June when 137,500 GSE loans with loan-to-value ratios above 80% were refinanced in one month.
In November, HARP refis with LTVs above 125% totaled 30,670, up 43% from October and refinances of loans with LTVs between 105% and 125% jumped 20% to 28,655.
Overall, HARP refis comprised 23% of refinancings in November, compared to 19% in October.
November refinances also pushed the HARP program (launched in 2009) over the 2 million mark.
During the first 10 months of 2012, GSE seller/servicers completed nearly 998,300 HARP refinances.