MICA: HARP Volume Up, Other Mod Programs in 2Q
The members of the Mortgage Insurance Cos. of America did nearly $8 billion in Home Affordable Refinance Program workouts in 2Q13, up from $7.8 billion in 1Q13.
At the current pace, Genworth, MGIC and Radian will have done more HARP loans than they did for all of 2012, when they did $29.2 billion.
For the Home Affordable Modification Program, MICA members did $907 million in 2Q13 workouts, down from $1.2 billion in 1Q13. HAMP activity peaked in 2010, at $13.1 billion.
Other loan modification programs had volume of $1.1 billion for 2Q13, down from $1.2 billion in the first quarter. Both HAMP and the other mod program activities are behind their respective pace in 2012.