The high loan-to-value refinance programs replacing the Home Affordable Refinance Program will require a change to the structure of Fannie Mae and Freddie Mac's credit-risk transfer deals.

The new high LTV refinance programs will be available on loans originated on or after Oct. 1, 2017. If the original loan was included in the reference pool of a risk-sharing deal, the newly refinanced loan will take its place.

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