Lenders Continue to Refinance Mortgages Using HARP: FHFA

Lenders continued to refinance mortgages through the Home Affordable Refinancing Program in April, the Federal Housing Finance Agency reported.

A total of 11,716 mortgages were refinanced through the HARP program in April, bringing the program's overall total to about 3.3 million. HARP refinancings represented 5% of total mortgage refinancings in April, the FHFA said.

Borrowers who refinanced through HARP remain those with less-than-stellar underwriting characteristics. Borrowers with loan-to-value ratios of at least 105% comprised 24% of HARP loans. Borrowers with loan-to-value ratios of at least 125% made up 7% of HARP loans.

Florida and Georgia remain states with high levels of HARP activity. HARP refinancings comprised at least 13% of all refinancings in those two states, through April 2015.

Mel Watt, the FHFA's director, last month said that HARP and the Home Affordable Modification Program will both be extended for an additional year. The programs had been slated to end this year.

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