HARP Refinancing Volumes Hold Steady in February

Fannie Mae and Freddie Mac seller/servicers completed nearly 97,740 HARP refinancings in February—about 250 more refis than the prior month.

Borrowers with loan-to-value ratios greater than 105% accounted for 43% of HARP refinances in February,” according to the monthly HARP report released by the Federal Housing Finance Agency Tuesday.

Under the Home Affordable Refinance Program, the GSEs refinanced 21,156 borrowers with LTVs above 105% and up to 125% and another 21,154 loans with LTVs above 125%.

In February, there was an increase in HARP refinancings of GSE loans with loan-to-value ratios above 80% and up to 105%. Lenders refinanced 55,428 loans in the 80% to 105% LTV range in February, compared to 51,429 in January.

Otherwise, February volumes were relatively unchanged from January to February and HARP refis comprised 21% of all refinancings in both months.

During the first two months of this year, 18% of HARP borrowers refinanced into 15-year or 20-year mortgages.

Fannie said in its 2012 annual report that the average LTV ratio of its HARP loans is 111% and the weighted average FICO score is 738.