In reporting their second-quarter financial results, four major banks with large servicing shops provided little if any information related to HARP refinancings, despite the widespread belief that their volumes are significant.
Citigroup made no reference to the Home Affordable Refinance Program in its second-quarter securities filing, while JPMorgan Chase mentioned HARP but with no dollar volumes or units provided.
Wells Fargo noted in its earnings supplement that it originated $131 billion of mortgages in the second quarter—with a HARP volume of 16%. But there was no reference to HARP in its SEC filing.
Bank of America mentioned HARP twice in its securities filing but did not provide any volume figures whatsoever.
In response to an inquiry by National Mortgage News, Bank of America revealed that it funded 38,000 HARP loans in the first half of this year including 26,000 units in the second quarter. However, the bank would not provide any dollar volumes.
“More than 25% of our funded HARP loans had
The Federal Housing Finance Agency recently reported that all Fannie Mae/Freddie Mac seller-servicers originated 243,000 HARP loans in the second quarter, which represented 24% of total refinancing volume.
Mortgage analysts have written research papers noting that profit margins from HARP mortgages have been high.
