About a third of all Fannie Mae and Freddie Mac loans refinanced in June went through the recently revamped Home Affordable Refinancing Program (HARP). Thatâ€™s up from a 20 percent share in April.
Additionally, the number of HARP refinancing deals with high loan-to-value (LTV) ratios went up substantially. According to Mortgage News Daily, changes to the previous HARP program, such as removing the 125 percent LTV ceiling and eliminating fees, seem to be driving increased participation.
Freddie and Fannie refinanced 382,539 loans in June, 125,866 of which were though HARP. The total number of loans written under the restructured HARP in the first six months of this year totaled 422,969, exceeding the 400,024 written during 2011.
Source: â€œHARP Refinancing Continues to Surge, High LTV Share Skyrockets,â€ Mortgage News DailyÂ
Melecia Johnson, Realtor