Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Demand Propels Home Prices Upward 2 days ago HARP Refi Numbers Dwindling Despite FHFA’s Efforts Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The total number of loans refinanced through the Home Affordable Refinance Program (HARP) to an unexpected turn downward in the third quarter.According to the Federal Housing Finance Agency (FHFA) third quarter Refinance Report, a total of 25,824 HARP refinances were completed between July and September, down from the 31,561 refinances completed from April to June. In addition, HARP volume accounted for 5 percent of total refinance volume in the third quarter.The FHFA reported that over 3.3 million borrowers have refinanced through the HARP program, which was enacted in 2009 to help homeowners that are not able to refinance due to falling home values.The Agency approximates that over 429,000 borrowers nationwide have a financial incentive to use the HARP program but still have not.HARP refinances were highest in Florida, California, Illinois, Michigan, and Georgia, the FHFA stated.The report showed that Florida, Ohio, Illinois, Michigan, and Georgia are the top five states with the most “in the money” borrowers that are able to use HARP. These borrowers could save an average of $200 per month on mortgage payments.FHFA deems borrowers to be “in the money” if they meet HARP eligibility requirements, have a mortgage balance of $50,000 or more, have a remaining mortgage of no more than ten years, and an interest rate at least 1.5 percent higher than current market rates.”FHFA is continuing its efforts to reach HARP-eligible borrowers and has held town-hall style events with local community leaders in Chicago, Atlanta, Detroit, Miami, Newark and Phoenix to get the word out about HARP,” the report stated.Those who refinance using HARP are typically have a lower delinquency rate compared to those who are eligible for the program but choose not to use it, the FHFA says.Of all HARP refinances for underwater borrowers (those with a loan-to-value ratio greater than 105 percent), 28 percent resulted in 15-and 20-year mortgages. The FHFA noted that this method helps build equity for borrowers quicker than 30-year mortgages.The FHFA cautioned potential refinancers that “HARP will sunset on December 31, 2016.”Click here to view the full report. FHFA HARP Home Affordable Refinance Program Mortgage Refinances 2015-11-27 Brian Honea Sign up for DS News Daily Previous: Counsel’s Corner: Mortgage Professionals Lining Up for Defense Against TCPA Next: Senator Sherrod Brown Presses Regulators to Protect Taxpayers from Banks’ Risk-Taking Home / Daily Dose / HARP Refi Numbers Dwindling Despite FHFA’s Efforts About Author: Xhevrije West The Best Markets For Residential Property Investors 2 days ago Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Related Articles in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago November 27, 2015 1,310 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Tagged with: FHFA HARP Home Affordable Refinance Program Mortgage Refinances Data Provider Black Knight to Acquire Top of Mind 2 days ago
The Jonathan Mensah Foundation (JOMENS) has donated food items and other assorted products to the Dzorwulu special school as part of the organization’s social responsibility to show love and care to the mentally challenged students in the school.The Black Stars defender Jonathan Mensah has had couple of donations to orphanages but noted, “This one was very special for me because we came to one of the special schools in Ghana. I was very touched and very emotional and I’m very proud to be doing something for the kids and the country.”Dzorwulu Special School was established in 1970 by some concerned individuals who felt the necessity to put these children in a safe environment. The school in 1974 had an increase in enrolment but due to lack of funds to pay staff was handed over to the Ghana Education Service.The School aside government sustenance also gets support from individuals and institutions to aid in operations and the Anzhi Makhachkala player exhorted all concerned citizens and organizations to extend a helping hand to the least marginalized in society.He said “The children are very special and they need special attention so as I did today I’m very sure others will come and do same. This is one of my homes now I will come and support them whenever I can. ” The Foundation also embarked on a cleanup exercise on the campus to maintain a hygienic environment for the student at Dzorwulu special school and took the opportunity to congratulate Ghanaians for the peaceful elections.