In the first quarter of 2014, the number of mortgages refinanced through the program was 76,930. Meanwhile, in the state of Florida alone, there are 82,435 loans eligible for HARP now. But the FHFA is quickly shifting into overdrive to change this.
In his 2012 State of the Union address, President Barack Obama hinted at expanding HARP to include non-Freddie Mac and Fannie Mae loans. The plan could help more than 11.4 million borrowers refinance and save an average $3,000 a year on mortgage payments. It never happened.
Former Treasury Secretary Timothy Geithner said that the Obama Administration “tried to do as good a job as we could in our limited authority.” For critics on both the right and left, the White House's best wasn't good enough.
Although the housing economy posted strong results, with the purchase of new homes rising and foreclosure completions continuing to drop, officials still caution that the economy is still healing from the Great Recession.
A wide range of companies making the 2014 HW Fast50 suggests that — are you ready for this? — maybe things aren't as bad in the U.S. mortgage and housing markets as some breathless press might otherwise suggest. After all, our rankings this year include mortgage insurers, investors, loan servicers, technology specialists and dot-coms, home builders, real estate services companies, mortgage bankers and more..
Last October, HousingWire highlighted several correspondent lenders and gave a broad overview of where this division of mortgage finance was heading. We are happy to report that those lenders are still doing a robust set of business, although the road remains no less rocky. But as we said last year, at least there’s a road to begin with. Read More
As our business moves into a new era of low profitability, increased expenses, and intense regulatory scrutiny, virtually every mortgage executive needs to experiment with ways to increase productivity and CFPB compliance while reducing overall operating costs. Read More