Third quarter refinancings through the Home Affordable Refinance Program (HARP) increased 26 percent, including a 16 percent rise of Fannie Mae and Freddie Mac loans, according to a Federal Housing Financing Agency (FHFA) report.

Other findings from the report include:

• Loans modified in the last three quarters are performing better three months after modification, compared to loans modified in earlier periods.
• More than half of the loan modifications completed in the third quarter lowered borrowers’ monthly payments by more than 30 percent.
• Loans that are 30-days delinquent increased by 17,600 loans, or 2.7 percent, during the third quarter to 682,000.
• Loans 60-plus-days delinquent decreased for the third consecutive quarter by 109,700 loans, or 6.8 percent, to 1.5 million.
• Nearly 35,400 HAMP trial modifications transitioned to permanent during the third quarter bringing the total number of active HAMP permanent modifications to nearly 260,000.

Fannie, Freddie Q3 Refinacings Rise

by Banker & Tradesman time to read: 1 min
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