|Refinances on Fannie Mae loans nearly tripled last month.
Refinance volume exceeded $41 billion during February, the secondary lender reported today. Activity nearly reached "three times the refinancing volume" during January and soared past January's total business acquisitions of $29 billion.
Fannie said February saw the highest level of refinances in almost a year.
"We anticipate that volumes will increase even more as millions of additional homeowners become eligible to refinance under the President's Making Home Affordable plan," Fannie executive Tom Lund said in the statement.
The Washington, D.C.-based company also reported that its online mailbox, which helps borrowers determine eligibility under the Home Affordable Refinance program, has been accessed by more than 100,000 borrowers. Around 50,000 people have telephoned a hotline since it was launched.
A new online tool has been launched at Fannie's Web site so borrowers can instantly determine whether their loans are owned or managed by the government sponsored enterprise.