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3 Million HARP Milestone Likely Reached in November

The number of home loans refinanced through the Home Affordable Refinance Program since it was launched likely blew past 3 million in November. Three states account for a majority of monthly HARP transactions with loan-to-value ratios above 125 percent.

Total HARP and non-HARP refinance volume at Fannie Mae and Freddie Mac was 191,639 transactions during October, according to data reported by the Federal Housing Finance Agency.

Conventional agency refinances were down from 235,652 transactions a month earlier and have nose dived from 441,015 a year earlier.

Fannie was responsible for 128,894 of the most recent month’s activity, down from 152,610 in September.

Freddie generated 62,745 refinances, also weaker than the previous month when there were 83,042 Freddie refinances.

HARP production came in at 46,389 in October, retreating from 55,961 government-supported refinances during the prior month.

Activity was down by nearly half from October 2012, when originators closed 91,260 HARP refinances.

Washington, D.C.-based Fannie’s share of October HARP activity was 28,451, dropping from the previous month’s 33,564.

Another 17,936 HARPs were closed in October for McLean, Va.-based Freddie, falling from 22,397 in the prior report..

Since the program was initiated in April 2009 through the end of October, HARP volume totaled 2,989,204.

Conservatively using a smaller estimate for November volume — say a one-half drop from October HARP volume — life-to-date HARP volume likely jumped past 3 million last month.

Among the 388,282 life-to-date HARP refinances closed with LTV ratios in excess of 125 percent — 89,542 were Florida transactions, 83,796 were on California properties and 41,593 were in Arizona.

Michigan also ranked high on the 125 percent-plus LTV list with 28,438 HARP transactions, while No. 5 Illinois has seen 26,466 residences refinanced through the program.

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