HARP Volume Continues to Increase

by Jan Steward on July 17, 2013

mha-logoA recent Federal Housing Finance Agency (FHFA) report credits government-sponsored enterprises (GSE’s) with 463,000 mortgage loan refinances in the month of April. Of that total, 23 percent of the overall refinance figures, or nearly 107,000 mortgages, were refinanced through HARP (Home Affordable Refinance Program). This brings the total of HARP refinances to more than 2.5 million since April 2009.

Arizona ranks among the top five states with the highest number of HARP loans since the program’s inception in 2009. Nearly 44 percent of homeowners who refinanced under HARP had a loan-to-value (LTV) ratio greater than 105 percent. Deeply underwater borrowers, or those with LTV ratios of greater than 125 percent, represented 20 percent of the loans refinanced through HARP in April.

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These GSE’s provide more that 5.5 trillion dollars in funding for the U.S. mortgage markets and financial institutions.



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Jan Steward

Jan Steward brings a wealth of experience to the Arizona Association of REALTORS® as the manager, risk management. She is a former title company manager and escrow officer with paralegal training. As a REALTOR® and broker, Jan served the Northern Arizona Association of REALTORS® (NAAR) as board president, vice-president, director, MLS chair, delegate to NAR’s national convention and a member of the Professional Standards and Grievance Committees. Jan was honored as REALTOR® of the Year by NAAR. She also has served on AAR's Professional Standards Committee and a variety of ad hoc committees.

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