Conventional agency refinance production partially recovered from a steep drop in December. Non-owner occupied loans account for more than 10 percent of refinances that have been processed through the Making Home Affordable program.
Loan originators refinanced 469,953 Fannie Mae and Freddie Mac loans in January.
Volume jumped from 359,201 refinances in December — when volume plunged 37 percent from the previous month.
The statistics were reported by the Federal Housing Finance Agency, which regulates the two secondary lenders..
Refinances at the government-controlled enterprises totaled 351,924 in January 2012.
Loans owned or guaranteed by Washington, D.C.-based Fannie accounted for 305,396 of the January 2013 activity. Over at McLean, Va.-based Freddie, the total was 164,557.
Full-year refinances totaled 4,750,530, including 3,090,463 Fannie refinances and the 1,660,067 Freddie refinances.
Refinances closed through the Home Affordable Refinance Program were 97,589 in January, increasing from the previous month’s 76,460.
HARP production totaled 59,756 in the same month last year.
For all of 2012, HARP transactions totaled 1,074,754.
Since the program was launched in April 2009, there have been 2,262,609 HARP refinances.
Zeroing in on just January’s business, 24,299 of the HARP total had loan-to-value ratios in excess of 125 percent. Another 21,861 had LTV ratios greater than 105 percent, and an additional 51,429 had LTVs above 80 percent.
On lifetime HARP production, 1,974,633 of the loans were secured by primary residences. Second homes accounted for 72,396 loans, and investment property loans totaled 215,580.
While just 10 percent of all HARP refinances on owner-occupied properties had LTV ratios above 125 percent, the share was 19 percent for investor-owned properties.
Two-thirds of Nevada borrowers who refinanced in January did so through HARP. Florida’s 56 percent HARP share was next, then 43 percent in both Arizona and Georgia.
But it was California that had more HARP refinances during the latest month than any other state: 315,503.
Florida followed with 188,547, then 152,915 in Illinois, 151,767 in Michigan and 112,003 in Arizona.
