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.





