HARP Made Up 20 Percent of May Refinances

The Federal Housing and Finance Agency (FHFA) announced today that due to the enhancements of the Home Affordable Refinance Program (HARP) released last fall, HARP refinances made up 20% of all May refinances.

The revised HARP, commonly referred to as HARP 2.0, “eliminated any eligibility ceiling on loan-to-value (LTV) ratios and some risk based fees for borrowers who refinanced into short-term mortgages and reduced fees for other borrowers. The new program also waived some of the representations and warranties required of lenders, and eliminated the need for a new property appraisal where a reliable automated valuation model estimate of value was available.” http://bit.ly/M9fpFX

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