Third Quarter Refinance Report - Federal Housing Finance Agency
REFINANCE REPORT Third Quarter 2016
FHFA Refinance Report Third Quarter 2016 Highlights Total refinance volume increased in September 2016 as mortgage rates in August hovered at lows last observed in 2013. Mortgage rates increased in September: the average interest rate on a 30‐year fixed rate mortgage was 3.46 percent. In the third quarter of 2016: Borrowers completed 15,597 refinances through HARP, bringing total refinances from the inception of the program to 3,434,451. HARP volume represented 2 percent of total refinance volume. Six percent of the loans refinanced through HARP had a loan‐ to‐value ratio greater than 125 percent. Year to date through September 2016: Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 21 percent of the volume of HARP loans. Twenty‐six percent of HARP refinances for underwater borrowers were for shorter‐term 15‐ and 20‐year mortgages, which build equity faster than traditional 30‐year mortgages. HARP refinances represented 8 or more percent of total refinances in Florida and Georgia, more than double the 3 percent of total refinances nationwide over the same period. Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program. Ten states accounted for over 60 percent of the nation's HARP eligible loans with a refinance incentive as of June 30, 2016. Third Quarter 2016 Overview and Eligibility of the Home Affordable Refinance Program (HARP) HARP Overview HARP was established in 2009 to assist homeowners unable to access a refinance due to a decline in their home value. The inception date of the program was April 1, 2009. The program is designed to provide these borrowers with an opportunity to refinance by permitting the transfer of existing mortgage insurance to their newly refinanced loan, or by allowing those without mortgage insurance on their previous loan to refinance without obtaining new coverage. HARP enhancements took effect in 2012 to increase access to the program for responsible borrowers. The program was scheduled to expire on December 31, 2013, and was extended to expire on December 31, 2015. On May 8, 2015, HARP was extended again to expire on December 31, 2016. On August 25, 2016, HARP was extended once more to expire on September 30, 2017. HARP Eligibility Below are the basic HARP eligibility criteria: Loan must be owned or guaranteed by Fannie Mae or Freddie Mac. Loan must have been originated on or before May 31, 2009. Current loan‐to‐value ratio ‐‐ LTV ‐‐ (outstanding mortgage balance/home value) must be greater than 80 percent. There is no LTV ceiling. Borrower must be current on their mortgage payments at the time of the refinance. Payment history – borrower is allowed one late payment in the past 12 months, as long as it did not occur in the 6 months prior to the refinance. Page 1
FHFA Refinance Report Third Quarter 2016 Total refinance volume increased in September 2016 as mortgage rates in August hovered at lows last observed in 2013. Mortgage rates increased in September: the average interest rate on a 30‐year fixed rate mortgage was 3.46 percent. Mortgage Rates vs Refinance Volume A BC 6.48 G F E D J H I M L K 600,000 500,000 400,000 6.04 5.29 4.71 4.49 4.46 4.93 300,000 3.96 4.07 3.35 3.57 4.16 4.34 4.16 3.98 3.86 3.96 3.89 Average Interest Rate on a 30- Year 3.57 Mortgage 3.69 200,000 100,000 3.46 Number of Mortgages Refinanced by Fannie Mae and Freddie Mac * Mortgage rates are from the Freddie Mac Primary Mortgage Market Survey, monthly average, from the Freddie Mac website. 0 2008 2009 2010 2011 2012 2013 2014 2015 Source: FHFA (Fannie Mae and Freddie Mac) A ‐ Highest rate in 2008 for a 30‐year mortgage. B ‐ GSEs placed into conservatorship on 09/06/08. C ‐ Fed announces MBS purchase program on 11/25/08. D ‐ Treasury rates sharply rose and reached a 2009 high on a better than expected June unemployment report. E ‐ 30‐year mortgage rates reached 4.17 percent in early November, marking the lowest level observed since Freddie Mac began tracking rates in 1971. F ‐ Treasury rates fell amid ongoing concerns of a growing debt crisis in Europe. G ‐ 30‐year mortgage rates reached new historic lows in November 2012. H ‐ Mortgage rates rose after Federal Reserve Chairman Bernanke stated in late May that the central bank was considering slowing its 85 billion per month bond buying program known as quantitative easing. I ‐ Highest rate for a 30‐year mortgage since July 2011. J ‐ 30‐year mortgage rates reached a monthly average of 3.67 percent in January, the lowest level seen since mid 2013 K ‐ 30‐year mortgage rates reached a monthly average of 4.05 percent in July 2015, the highest level observed since September 2014, amid expectations of a rate hike by the Federal Reserve. L ‐ The Federal Reserve raised the target federal funds rate from a range of 0%‐0.25% to a range of 0.25%‐0.5% on 12/16/15 in response to a strenghtening economy. M ‐ Treasury rates fell, amid a global flight to the safety of government debt, in response to uncertainty in the financial markets driven by the U.K. Brexit vote Page 2 to leave the European Union.
FHFA Refinance Report Third Quarter 2016 In the third quarter of of 2016, 15,597 refinances were completed through HARP, bringing total refinances through HARP from the inception1 of the program to 3,434,451. Refinances Through September 2016 Total Refinances Fannie Mae Freddie Mac Total Total HARP Fannie Mae Freddie Mac Total HARP LTV 80% -105% Fannie Mae Freddie Mac Total HARP LTV 105% -125% Fannie Mae Freddie Mac Total HARP LTV 125% Fannie Mae Freddie Mac Total All Other Streamlined Refis Fannie Mae Freddie Mac Total 2015 2014 Inception to Date 375,461 251,487 626,948 1,187,887 897,049 2,084,936 936,754 600,033 1,536,787 14,788,749 9,280,159 24,068,908 11,379 6,931 18,310 9,757 5,840 15,597 65,562 44,549 110,111 130,242 82,247 212,489 2,032,293 1,402,158 3,434,451 9,102 5,325 14,427 7,999 4,557 12,556 50,962 33,224 84,186 96,190 57,882 154,072 1,447,312 966,426 2,413,738 1,581 1,085 2,666 1,244 867 2,111 9,596 7,559 17,155 20,894 15,571 36,465 328,149 260,429 588,578 696 521 1,217 514 416 930 5,004 3,766 8,770 13,158 8,794 21,952 256,832 175,303 432,135 25,449 15,948 41,397 24,914 15,199 40,113 132,570 85,677 218,247 171,620 96,410 268,030 2,436,003 1,425,854 3,861,857 2Q16 3Q16 311,416 207,096 518,512 1 Inception - April 1, 2009 Source: FHFA (Fannie Mae and Freddie Mac) Page 3
FHFA Refinance Report Third Quarter 2016 In the third quarter of 2016, 15,597 loans were refinanced through HARP, representing 2 percent of total refinance volume during the month. HARP Refinance, Quarterly Volume (Number of loans in thousands) 319 297294 280 264 122 112113 111 204 195115 300 250 200 150 139 150 100 50 0 105 88 85 10672 102 94 66 96101 74 115 197185 182169 43 77 149 40 32 130 30 54 44 37 109 31 21 16 15 32 32 26 21 20 18 77 74 72 62 16 61 13 13 10 56 14 48 46 58 53 56 47 33 8 8 28 22 19 19 15 13 12 7 6 17 11 10 78 47 41 50 40 39 40 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 Percent 2% 8% %21%16%11% 9% 6% 5% 5% 5% 5% 4% 2% of Total Refinances 5 5 5 Freddie Mac Jul Aug Sep 16 16 16 Fannie Mae 3% 3% 2% . Source: FHFA (Fannie Mae and Freddie Mac) Page 4
FHFA Refinance Report Third Quarter 2016 From inception1 through September 2016, 2,873,065 loans refinanced through HARP were for primary residences, 109,133 were for second homes and 452,253 were for investment properties. HARP Loans by Property Type Inception through September 2016 Total Total HARP Fannie Mae Freddie Mac Total HARP LTV 80% -105% Fannie Mae Freddie Mac Total HARP LTV 105% -125% Fannie Mae Freddie Mac Total HARP LTV 125% Fannie Mae Freddie Mac Total Primary Residence Second Home Investment Property 2,032,293 1,402,158 3,434,451 1,677,432 1,195,633 2,873,065 61,366 47,767 109,133 293,495 158,758 452,253 1,447,312 966,426 2,413,738 1,219,212 842,239 2,061,451 44,611 31,182 75,793 183,489 93,005 276,494 328,149 260,429 588,578 264,018 216,525 480,543 8,787 9,000 17,787 55,344 34,904 90,248 256,832 175,303 432,135 194,202 136,869 331,071 7,968 7,585 15,553 54,662 30,849 85,511 Source: FHFA (Fannie Mae and Freddie Mac) 1Inception - April 1, 2009 Page 5
FHFA Refinance Report Third Quarter 2016 In September 2016, 6 percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent. Monthly HARP Volume by Loan-to-Value Ratio 140,000 HARP LTV 80%-105% 120,000 100,000 80,000 HARP LTV 105%-125% HARP LTV 125% 60,000 40,000 20,000 0 Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 09 09 09 10 10 10 10 11 11 11 11 12 12 112 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 1 The number of completed HARP refinances reported for deeply underwater borrowers increased sharply in June 2012 as further enhancements to HARP went into effect. Starting June 1, 2012, lenders became able to deliver loans with loan‐to‐value ratios greater than 125 percent refinanced through HARP to the Enterprises to be securitized. Source: FHFA (Fannie Mae and Freddie Mac) Page 6
FHFA Refinance Report Third Quarter 2016 Year to date through September 2016, borrowers with loan‐to‐value ratios greater than 105 percent accounted for 21 percent of the volume of HARP loans. The proportion of HARP refinances for underwater borrowers (LTV greater than 105 percent) refinancing to shorter term mortgages accounted for 26 percent. Shorter term 15‐ and 20‐year mortgages build equity faster than traditional 30‐year mortgages. Percentage of HARP Refinances by Loan-to-Value Ratio 100% 100% LTV 80%-105% 80% 56% 60% 60% 91% 73% 76% 79% 80% 60% 30-year2 91% 72% 74% 82% 80% 75% 40% 40% 44% 40% 20% 0% Mortgage Term of HARP Refinances of Underwater Borrowers (LTV Greater than 105%) 9% 27% 24% 21% LTV 105%1 Inception Incep Full Full Full Full Year to to Dec -tion Year Year Year Year Date 2011 to 2012 2013 2014 2015 2016 Dec 1 Includes HARP LTV 105%-125% and HARP LTV 125%. 2011 Source: FHFA (Fannie Mae and Freddie Mac) 20% 0% 9% 25% 28% 26%15- and 20-year 18% 20% Inception Incep Full Full Full Full Year to to -tion Dec Year Year Year Year Date 2011 to 2012 2013 2014 2015 2016 Dec 2 Includes 25-year and 40-year mortgages. 2011 Source: FHFA (Fannie Mae and Freddie Mac) Page 7
FHFA Refinance Report Third Quarter 2016 Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program. Ever 90 Days Delinquency Rate1: Fannie Mae and Freddie Mac Refinance or Eligibility Month June 2009 June 2010 June 2011 June 2012 June 2013 June 2014 June 2015 Category Loans Refinanced through HARP2 Loans Eligible for HARP3 Loans Refinanced through HARP Loans Eligible for HARP Loans Refinanced through HARP Loans Eligible for HARP Loans Refinanced through HARP Loans Eligible for HARP Loans Refinanced through HARP Loans Eligible for HARP Loans Refinanced through HARP Loans Eligible for HARP Loans Refinanced through HARP Loans Eligible for HARP 80-105% 7.8% 14.1% 8.9% 10.0% 5.6% 6.7% 2.3% 5.0% 1.8% 4.7% 2.3% 3.7% 0.8% 1.9% 105-125% 17.6% 18.3% 10.2% 11.2% 3.6% 7.5% 3.0% 7.4% 3.1% 5.9% 1.0% 2.9% 125% Total 6.4% 11.2% 4.3% 10.1% 4.0% 7.7% 1.4% 3.9% 7.8% 14.1% 9.4% 11.6% 6.4% 7.8% 4.3% 6.7% 2.5% 6.0% 2.6% 4.5% 0.8% 2.2% Source: FHFA (Fannie Mae and Freddie Mac) Notes 1. This measures the cumulative percentage of loans that have become 90 or more days delinquent in any of the months after June 2009, 2010, 2011 , 2012, 2013, 2014 or 2015 (the refinance or eligibility date) through June 2016 for loans refinanced through HARP or eligible for HARP. 2. This measures the ever 90 day delinquency percentage for loans refinanced through HARP during the month of June 2009, 2010, 2011, 2012 , 2013, 2014 or 2015. 3. This measures the ever 90 day delinquency percentage for loans that were eligible for refinancing through HARP but were not refinanced through the program as of the end of the reporting month of June 2009, 2010, 2011, 2012, 2013, 2014 or 2015. LTVs as of the eligibility date for loans are estimated using internal Fannie Mae and Freddie Mac house price indices at a zip code level. This measure may be understated because some loans may have later been paid off or refinanced through HARP. Fannie Mae defines a HARP eligible loan as being current on payments for the last 6 months with at most a single missed payment in the last 12 months for both HARP 1 and HARP 2 eligibility; Freddie Mac defines a HARP eligible loan as being current on payments for the last 12 months for HARP 1 (2009-2011) eligibility, or current on payments for the last 6 months with at most a single missed payment in the last 12 months for HARP 2 (2012 onward) eligibility. Other eligibility rules specific to Fannie Mae and Freddie Mac may also apply. Page 8
FHFA Refinance Report Third Quarter 2016 Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program. 14% 12% 10% 8% 6% 4% 2% 0% Jun 09 Ever 90 Days Delinquency Rate1 Fannie Mae and Freddie Mac Jun 10 Jun 11 Loans eligible for but not refinanced through HARP2 June 2009 June 2010 June 2011 June 2012 June 2013 June 2014 June 2015 Jun 12 Jun 13 Loans refinanced through HARP3 Jun 14 Jun 15 LTV 80%-105% LTV 80%-105%; 105%-125% LTV 80%-105%; 105%-125% LTV 80%-105%; 105%-125%; 125% LTV 80%-105%; 105%-125%; 125% LTV 80%-105%; 105%-125%; 125% LTV 80%-105%; 105%-125%; 125% Source: FHFA (Fannie Mae and Freddie Mac) Notes 1. This measures the cumulative percentage of loans that have become 90 or more days delinquent in any of the months after June 2009, 2010, 2011, 2012, 2013, 2014 or 2015 (the refinance or eligibility date) through June 2016 for loans refinanced through HARP or eligible for HARP. 2. This measures the ever 90 day delinquency percentage for loans that were eligible for refinancing through HARP but were not refinanced through the program as of the end of the reporting month of June 2009, 2010, 2011, 2012, 2013, 2014 or 2015. LTVs as of the eligibility date for loans are estimated using internal Fannie Mae and Freddie Mac house price indices at a zip code level. This measure may be understated because some loans may have later been paid off or refinanced through HARP. 3. This measures the ever 90 day delinquency percentage for loans refinanced through HARP during the month of June 2009, 2010, 2011, 2012, 2013, 2014 or 2015. Fannie Mae defines a HARP eligible loan as being current on payments for the last 6 months with at most a single missed payment in the last 12 months for both HARP 1 and HARP 2 eligibility; Freddie Mac defines a HARP eligible loan as being current on payments for the last 12 months for HARP 1 (2009 to 2011) eligibility, or current on payments for the last 6 months with at most a single missed payment in the last 12 months for HARP 2 (2012 onward) eligibility. Other eligibility rules specific to Fannie Mae and Freddie Mac may also apply. Page 9
FHFA Refinance Report Third Quarter 2016 HARP continued to account for a substantial portion of total refinance volume in certain states. Year to date through September 2016, HARP refinances represented 8 percent or more of total refinances in Florida and Georgia, more than double the 3 percent of total refinances nationwide over the same period. Underwater borrowers accounted for a large portion of HARP refinances in a number of states. Year to date through September 2016, underwater borrowers represented 32 percent or more of HARP volume in Nevada and Florida. Total HARP as a Percentage of HARP LTV 105% as a Percentage of Total Refinances Total HARP 26% Nevada 7% Arizona Florida Idaho Michigan California Georgia Illinois 23% 6% Arizona 20% 9% Florida 16% 3% Idaho 24% Michigan 6% 9% 2% California 16% Georgia 8% 14% Inception to Dec 2011 Full Year 2012 Full Year 2013 Full Year 2014 Full Year 2015 Year to Date 2016 6% 10% All States 3% 0% 20% 19% Nevada 40% 60% Source: FHFA (Fannie Mae and Freddie Mac) 80% Illinois 37% 18% 24% 16% 32% 13% 13% 15% 13% 9% 25% 20% 11% 22% Inception to Dec 2011 Full Year 2012 Full Year 2013 Full Year 2014 Full Year 2015 Year to Date 2016 28% 9% All States 21% 0% 20% 40% 60% 80% 100% Source: FHFA (Fannie Mae and Freddie Mac) Page 10
FHFA Refinance Report Third Quarter 2016 Ten states accounted for over 60 percent of the nation's HARP eligible loans with a refinance incentive. The national total of HARP eligible loans with a refinance incentive was 242,512 as of June 30, 2016. Additional information can be found in an interactive map at www.HARP.gov. HARP Eligible Loans with a Refinance Incentive* Top Ten States as of June 30, 2016 Florida 28,772 Illinois 22,270 Michigan 19,659 Ohio 18,444 Georgia 15,064 New Jersey 12,894 Pennsylvania 12,413 Puerto Rico 10,501 New York 10,135 California 9,252 0 10,000 20,000 30,000 40,000 Source: FHFA (Fannie Mae and Freddie Mac) * FHFA uses the following criteria to identify HARP eligible loans: Conventional loans originated before 6/1/2009; unpaid principal balance greater than 80 percent of current property value; and meet the payment history requirement of no delinquencies in the prior six months and at most one delinquency in the prior 12 months. To estimate the HARP-eligible with a refinance incentive population, FHFA applies the following filters to the HARP-eligible loans: Remaining balance greater than 50,000; remaining term greater than ten years, and note rate 150 basis points (1.5%) above the market rate. Page 11
FHFA Refinance Report Third Quarter 2016 Appendix: Data Tables Fannie Mae and Freddie Mac - Quarterly Refinance Volume (# of loans) 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Total Refinances Fannie Mae Freddie Mac Total 586,737 311,375 898,112 330,350 175,701 506,051 232,324 138,372 370,696 211,817 132,688 344,505 227,879 161,334 389,213 264,734 167,639 432,373 320,296 223,906 544,202 344,033 272,933 616,966 274,865 220,603 495,468 248,693 179,607 428,300 256,222 173,253 429,475 311,416 207,096 518,512 375,461 251,487 626,948 Total HARP Fannie Mae Freddie Mac Total 129,966 73,565 203,531 71,713 43,427 115,140 46,884 30,034 76,918 32,622 21,419 54,041 28,340 15,792 44,132 22,396 15,002 37,398 18,598 13,051 31,649 18,711 12,851 31,562 15,489 10,337 25,826 12,764 8,310 21,074 12,367 7,620 19,987 11,379 6,931 18,310 9,757 5,840 15,597 HARP LTV 80% -105% Fannie Mae Freddie Mac Total 83,400 45,433 128,833 49,030 27,843 76,873 33,338 20,328 53,666 24,549 15,254 39,803 21,189 11,242 32,431 17,114 11,058 28,172 14,414 9,547 23,961 14,697 9,629 24,326 12,009 7,731 19,740 9,842 6,317 16,159 9,751 5,767 15,518 9,102 5,325 14,427 7,999 4,557 12,556 HARP LTV 105% -125% Fannie Mae Freddie Mac Total 25,250 15,866 41,116 12,964 9,214 22,178 7,886 6,034 13,920 4,996 3,958 8,954 4,623 2,954 7,577 3,389 2,625 6,014 2,684 2,344 5,028 2,677 2,191 4,868 2,274 1,704 3,978 1,961 1,320 3,281 1,735 1,259 2,994 1,581 1,085 2,666 1,244 867 2,111 HARP LTV 125% Fannie Mae Freddie Mac Total 21,316 12,266 33,582 9,719 6,370 16,089 5,660 3,672 9,332 3,077 2,207 5,284 2,528 1,596 4,124 1,893 1,319 3,212 1,500 1,160 2,660 1,337 1,031 2,368 1,206 902 2,108 961 673 1,634 881 594 1,475 696 521 1,217 514 416 930 All Other Streamlined Refis Fannie Mae 105,825 Freddie Mac 60,657 Total 166,482 67,192 36,563 103,755 50,439 28,550 78,989 43,906 24,346 68,252 39,761 20,501 60,262 37,514 23,013 60,527 35,874 22,353 58,227 40,733 25,862 66,595 29,993 20,801 50,794 25,970 16,661 42,631 25,530 15,324 40,854 25,449 15,948 41,397 24,914 15,199 40,113 Notes: Initially HARP Refinance Loans were defined as Fannie Mae to Fannie Mae and Freddie Mac to Freddie Mac first-lien refinance loans with limited and no cash out that have loan-to-value ratios over 80 percent up to 125 percent. HARP Enhancements: On October 24, 2011, FHFA, Fannie Mae and Freddie Mac announced HARP changes to reach more borrowers. Effective December 1, 2011, existing Enterprise borrowers who are current on their mortgage payments can refinance and reduce their monthly mortgage payments at loan-to-value ratios above 80 percent without any maximum loan-to-value limit. Starting with the November 2012 Refinance Report, the definition of HARP for Fannie Mae has been expanded to include second home and investment property refinances with LTVs greater than 80 percent, which is consistent with the definition of HARP for Freddie Mac since the inception of the program. All Other Streamlined Refis are streamlined refinances that do not qualify as HARP refinances. Fannie Mae implements streamlined refinances through the Refi Plus product for manual underwriting and DU Refi Plus product for loans underwritten through Desktop Underwriter. The product is available for refinances of existing Fannie Mae loans only. Freddie Mac implements streamlined refinances through the Relief Refinance Mortgage product. Loans may be originated by any Freddie Mac approved servicer. Page 12
FHFA Refinance Report Third Quarter 2016 Appendix: Data Tables Fannie Mae - Loan Count by LTV and Product (Mortgage Term) 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Total Refinances FRM 30 (incl FRM 25 & 40) FRM 20 FRM 15 320,709 49,881 203,407 178,678 26,700 117,024 123,433 18,412 81,421 108,287 18,178 77,655 127,295 20,637 71,739 151,574 23,178 82,477 195,963 27,475 90,192 205,283 31,641 102,016 160,542 21,392 87,556 145,772 19,132 78,308 150,814 21,132 79,729 187,358 26,185 94,007 218,309 36,839 115,743 HARP 80-105 LTV FRM 30 (incl FRM 25 & 40) FRM 20 FRM 15 56,115 11,000 15,653 31,855 6,672 9,956 21,068 4,388 7,276 14,719 3,810 5,504 12,883 3,736 4,195 10,837 2,929 3,109 8,846 2,710 2,726 8,766 3,109 2,716 7,371 2,087 2,384 6,198 1,444 2,070 6,395 1,350 1,936 5,839 1,365 1,841 5,063 1,375 1,513 HARP 105-125 LTV FRM 30 (incl FRM 25 & 40) FRM 20 FRM 15 19,801 2,489 2,960 10,043 1,237 1,684 5,996 846 1,044 3,595 645 756 3,342 669 612 2,473 519 397 1,900 391 393 1,872 421 384 1,665 283 326 1,412 249 300 1,254 197 284 1,161 178 242 917 159 168 HARP 125 LTV FRM 30 (incl FRM 25 & 40) FRM 20 FRM 15 17,285 1,725 2,306 7,595 802 1,322 4,426 484 750 2,264 320 493 1,867 337 324 1,449 185 259 1,104 166 230 997 174 166 872 163 171 725 105 131 677 74 130 512 58 126 404 49 61 All Other Streamlined Refis FRM 30 (incl FRM 25 & 40) FRM 20 FRM 15 47,620 14,414 43,151 29,573 8,985 28,110 22,234 5,756 21,809 18,141 5,772 19,427 17,512 6,162 15,592 17,307 6,004 13,851 16,392 6,161 13,095 18,482 8,090 13,961 13,230 4,846 11,644 11,797 3,565 10,383 11,861 3,387 10,181 11,863 3,501 9,977 11,336 4,368 9,107 Page 13
FHFA Refinance Report Third Quarter 2016 Appendix: Data Tables Freddie Mac - Loan Count by LTV and Product (Mortgage Term) 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Total Refinances FRM 30 (incl FRM 25 & 40) FRM 20 FRM 15 173,105 28,138 99,037 98,679 14,951 57,700 78,142 10,634 44,961 73,260 9,363 42,530 94,597 10,292 49,271 100,306 12,062 47,056 140,600 16,716 58,982 163,908 24,253 79,103 115,603 19,462 79,921 104,076 13,235 57,649 104,747 14,204 51,222 128,815 16,143 59,192 156,869 18,628 72,877 HARP 80-105 LTV FRM 30 (incl FRM 25 & 40) FRM 20 FRM 15 29,799 6,822 8,673 17,669 4,104 6,023 13,177 2,898 4,209 9,646 2,044 3,519 7,270 1,604 2,337 7,194 1,569 2,240 6,046 1,482 1,986 5,863 1,673 2,076 4,809 1,133 1,743 3,953 946 1,381 3,623 881 1,251 3,333 801 1,161 2,609 892 1,039 HARP 105-125 LTV FRM 30 (incl FRM 25 & 40) FRM 20 FRM 15 11,802 1,705 2,359 6,675 1,033 1,506 4,569 595 870 2,959 377 622 2,179 280 495 2,002 265 358 1,696 261 387 1,538 261 392 1,242 172 290 990 108 222 980 94 185 757 117 211 626 90 151 HARP 125 LTV FRM 30 (incl FRM 25 & 40) FRM 20 FRM 15 9,368 1,167 1,731 4,651 664 1,055 2,807 324 541 1,653 166 388 1,138 165 293 1,075 89 155 843 106 211 718 93 220 649 91 162 490 50 133 453 41 100 354 65 102 295 39 82 All Other Streamlined Refis FRM 30 (incl FRM 25 & 40) FRM 20 FRM 15 26,304 9,112 25,014 15,610 4,647 16,240 12,722 3,666 12,082 10,041 3,161 11,074 9,206 2,613 8,619 10,744 3,046 9,168 10,088 3,311 8,898 11,462 4,394 9,950 9,190 2,969 8,554 6,937 2,264 7,367 6,537 2,168 6,566 6,796 2,188 6,902 6,281 2,871 6,009 Page 14
Third Quarter 2016 FHFA Refinance Report Appendix: State Level Data Enterprises Refinance Activity by State - September 30, 2016 September 2016 State Total Refinances AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY Other 2 Total 394 2,055 1,124 7,453 57,402 10,209 1,906 700 693 10,294 6,282 1,081 2,196 1,535 12,001 3,950 1,648 2,173 1,995 7,336 5,104 638 7,947 5,458 4,526 881 830 6,232 503 1,472 1,097 6,013 1,003 2,774 5,998 5,742 1,539 4,350 5,600 715 2,846 585 3,439 14,562 4,201 7,178 423 8,787 6,415 552 404 293 250,534 1 Other HARP LTV HARP LTV HARP LTV Streamlined 105% 125% 80% -105% Refis 125% 16 195 74 13 1 88 20 2 420 211 40 13 1,706 442 62 33 321 20 1 2 119 90 22 9 38 54 27 3 956 414 154 74 567 207 50 21 98 2 1 101 13 82 20 4 549 286 79 39 285 61 3 2 99 14 2 121 22 1 163 29 1 254 58 6 1 309 166 39 24 47 13 552 212 27 28 331 91 10 2 245 74 14 9 97 19 1 1 40 4 476 101 11 1 8 60 5 1 64 32 5 1 345 169 47 14 130 34 3 157 100 45 17 571 112 22 4 479 175 28 11 118 12 1 231 31 3 463 142 19 5 36 20 5 2 267 70 7 7 17 259 44 3 986 41 1 123 19 1 445 169 28 8 34 15 1 411 89 4 1 264 82 7 3 49 10 3 19 2 16 16 11 1 13,881 4,079 790 335 Year-to-Date 2016 Total HARP 88 22 264 537 23 121 30 642 278 3 13 24 404 66 16 23 30 65 229 13 267 103 97 21 4 113 6 38 230 37 162 138 214 13 34 166 27 84 47 42 20 205 16 94 92 13 2 28 5,204 Total Refinances 2,862 13,631 7,748 44,118 341,821 61,498 12,400 4,109 4,805 72,895 41,058 6,725 13,679 9,422 67,075 24,764 10,144 13,692 14,198 42,166 32,017 4,413 52,293 34,358 28,989 6,500 5,638 39,966 3,274 9,028 7,315 38,826 7,011 18,152 41,498 38,059 10,216 30,349 37,671 4,429 18,138 3,650 22,608 99,807 26,375 43,891 2,676 54,525 34,942 3,600 3,233 2,678 1,574,935 Inception to Date1 Other HARP LTV Other HARP LTV HARP LTV Total HARP LTV HARP LTV HARP LTV Streamlined 105% Total HARP Streamlined 105% Total HARP 125% Refinances 125% 80% -105% 80% - 105% Refis 125% Refis 125% 253 18 1 19 54,395 9,632 2,229 32 10 2,271 1,709 726 69 24 819 246,400 45,158 26,015 4,015 870 30,900 864 207 16 1 224 138,851 27,791 11,870 1,689 317 13,876 3,148 1,924 480 134 2,538 570,228 85,221 81,670 38,392 43,849 163,911 14,916 4,128 745 265 5,138 4,164,814 522,764 269,523 88,484 88,091 446,098 3,093 205 18 5 228 679,679 119,837 52,954 4,891 1,093 58,938 1,153 736 169 67 972 285,341 45,632 30,138 6,135 2,159 38,432 382 25 4 29 63,811 8,590 3,050 347 172 3,569 525 284 28 7 319 84,326 13,691 11,726 2,292 454 14,472 8,274 4,289 1,290 736 6,315 968,786 189,203 150,189 71,909 99,753 321,851 4,576 2,451 455 235 3,141 624,378 104,108 110,110 34,352 26,792 171,254 632 92 11 5 108 101,931 13,645 7,413 1,297 586 9,296 917 151 8 1 160 255,280 40,345 12,169 788 69 13,026 767 244 29 9 282 134,697 20,926 19,623 6,716 3,535 29,874 4,576 2,922 728 382 4,032 1,251,959 173,162 150,464 43,267 31,173 224,904 2,607 653 56 33 742 457,573 76,981 42,966 4,248 688 47,902 898 169 6 3 178 174,424 30,321 12,022 863 176 13,061 1,149 230 10 7 247 252,299 38,590 14,432 823 116 15,371 1,517 280 21 6 307 215,687 40,610 13,184 1,123 238 14,545 2,419 731 82 15 828 745,167 72,166 53,672 8,527 2,241 64,440 3,005 1,723 353 185 2,261 585,447 93,313 70,503 18,731 10,031 99,265 451 169 17 2 188 89,203 14,003 8,751 1,020 149 9,920 4,727 2,367 458 337 3,162 785,670 123,499 147,688 46,987 32,571 227,246 2,897 1,006 114 15 1,135 578,705 96,404 89,346 19,563 6,663 115,572 2,484 875 128 70 1,073 508,312 80,499 48,752 7,921 2,180 58,853 758 258 20 14 292 104,121 20,236 10,213 1,388 400 12,001 407 37 4 1 42 97,341 15,885 5,712 590 137 6,439 4,468 1,200 139 32 1,371 693,333 143,538 76,186 9,881 1,608 87,675 86 2 2 44,412 5,448 544 11 3 558 601 84 2 86 149,458 27,241 7,790 300 26 8,116 624 316 43 13 372 132,408 18,079 18,128 3,346 859 22,333 3,290 1,684 341 144 2,169 730,172 126,651 79,810 17,064 6,649 103,523 953 381 33 5 419 127,079 24,039 16,031 2,378 265 18,674 1,263 818 286 192 1,296 181,034 23,297 25,264 13,202 27,668 66,134 4,976 1,045 180 59 1,284 865,861 185,329 63,509 8,522 2,373 74,404 4,445 2,104 392 225 2,721 731,142 120,291 105,635 20,204 6,496 132,335 927 137 8 6 151 159,067 26,800 8,803 332 69 9,204 2,096 428 40 4 472 420,566 79,806 55,767 12,650 4,845 73,262 4,427 1,443 221 85 1,749 761,125 143,527 65,504 8,268 2,162 75,934 330 235 58 26 319 79,816 8,852 9,662 3,175 1,766 14,603 2,043 761 109 53 923 286,982 48,088 34,218 6,674 2,875 43,767 189 9 1 4 14 62,649 11,085 1,582 38 11 1,631 2,255 457 40 15 512 353,550 63,120 32,631 4,302 890 37,823 9,051 476 19 8 503 1,229,753 253,086 72,470 4,630 557 77,657 1,233 252 9 4 265 309,670 40,579 34,631 6,681 1,539 42,851 3,838 1,601 220 62 1,883 780,368 128,716 80,270 15,981 4,325 100,576 225 89 6 1 96 61,469 7,099 2,734 199 22 2,955 3,407 925 93 13 1,031 802,724 138,178 99,822 24,004 9,486 133,312 1,862 822 106 62 990 719,428 97,052 55,257 7,823 2,297 65,377 302 104 19 6 129 61,997 9,807 4,749 1,256 511 6,516 219 29 3 32 48,351 8,090 2,596 260 79 2,935 150 199 84 43 326 57,669 1,847 3,761 1,007 241 5,009 122,364 42,501 7,771 3,622 53,894 24,068,908 3,861,857 2,413,738 588,578 432,135 3,434,451 Inception to Date - Since April 1, 2009, the inception of HARP. of Guam, Puerto Rico, Virgin Islands and other loans for which data are not available. 2 C
Ten states accounted for over 60 percent of the nation's HARP eligible loans with a refinance incentive as of June 30, 2016. Overview and Eligibility of the Home Affordable Refinance Program (HARP) FHFA Refinance Report Third Quarter 2016 Borrowers completed 15,597 refinances through HARP,
Refinance Activities (Number of loans) 2Q20 3Q20 Total Refinance 1,522,472 1,758,940 Total High LTV Refinance Option 51 35 5.225 million troubled homeowners helped during conservatorships 41% of loan modifications in 3Q20 reduced borrowers' monthly payments by over 20% Serious delinquency rate jumped to 3.14%
The existing loan is not required to be FHA insured. Loan is fully credit qualifying with appraisal. Impac’s FHA Simple Refinance program is a no cash-out refinance of an existing FHA-insured mortgage in which all proceeds are used to pay the existing FHA-insured mortgage lien on the subject property and costs associated with the transaction.File Size: 849KB
refinance, this nonprofit lender participated in several waves of offers to their clients that would allow them to refinance. By working directly with the lender, we were able to identify in the data which households were eligible (preapproved) to refinance. Consistent with the results from the nationally-representative data, we find that a large 4
The second part discusses mortgage 1 Specifically, this regulatory review covered the French national mortgage liquidity, Caisse de Refinancement de l'Habitat (CRH), the Tanzania Mortgage Refinance Company, the Egyptian Mortgage Refinance Company, and the United States' national mortgage liquidity facility, the Federal Home Loan Bank System.
The student loan refinance companies are offering you great interest rate savings, but there are a few things you need to keep in mind as you refinance your loans. Giving up the federal loans means you'll no longer have access to the income-driven repayment plans (like IBR, PAYE or REPAYE) and PSLF. However, as the student loan refinance market
little or no equity in their homes to refinance their home loans, as long as they are current on their mortgage payments. As of March 2013, more than 2.4 million homeowners have obtained a HARP refinance. This report was prepared by Alexa Strear, Investigative Counsel, and Brian Harris, Investigative Counsel.
Fannie Mae and Freddie Mac suspended the High LTV Refinance option in 2021. The total refinance volume from the inception to the end of the program reached 201 loans. The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 24 percent in December as the difference between 15-and 30-year fixed rate
2nd Grade – Launching with . Voices in the Park by Anthony Browne (lead from the Third Voice) My First Tooth is Gone by student (student authored work from Common Core Student Work Samples) A Chair for my Mother by Vera B. William Moonlight on the River by Robert McCloskey One Morning in Maine by Robert McCloskey, Roach by Kathy (student authored work from www.readingandwritingproject.com .
