The resilience in Home Affordable Refinance Program speeds defies recent talk of a burnout, said analysts at Bank of America Merrill Lynch  ($13.21 0%).

"We have long held the view that HARP speeds will continue well into 2013," they said. "January prepays point to a shift in servicer focus from organic refinancings to HARP as rates have increased."

Additionally, new representation and warranty guidelines that provide relief if a HARP borrower is current for twelve months should also encourage cross-servicer refinancings.