Freddie Mac Relief Refinance Mortgages SM Supporting HARP. Laurie Redmond Vice President, Offerings Effectiveness Freddie Mac January 17, 2013

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1 Freddie Mac Relief Refinance Mortgages SM Supporting HARP Laurie Redmond Vice President, Offerings Effectiveness Freddie Mac January 17, 2013

2 Freddie Mac Relief Refinance Mortgages Freddie Mac Relief Refinance Mortgages SM with LTV ratios above 80% represent our business implementation of the Home Affordable Refinance Program (HARP). The Relief Refinance Program (i.e., HARP) was announced on March 13, 2009 supporting the Making Home Affordable Program to help stabilize communities and ensure mortgages remain available and affordable. HARP was developed specifically for homeowners who have not been able to refinance due to a decline in the value of their home. Freddie Mac 2

3 HARP Program Overview Through HARP, the company is increasingly helping borrowers to refinance their mortgages into more favorable terms, especially in areas of the country with large concentrations of underwater borrowers. As of Q3 2012: Freddie Mac purchased over $172B of HARP loans ( 80% LTV), helping over 800,000 borrowers since the program deputed in In the first nine months of 2012, Freddie Mac purchased 322,000 HARP loans nearly 75% more than all of Freddie Mac 3

4 Supporting the Expanded HARP Since 2009 we continued to refine our requirements and build on the success of HARP and our Relief Refinance Mortgage offering. We ve eliminated operational complexities and streamlined the program to make refinancing more accessible to eligible borrowers. Freddie Mac 4

5 HARP 2.0 With inputs from our customers and key industry participants both GSE s announced HARP 2.0 on November 15, This update supported concerns raised by lenders around implementation and flexibility. Key program changes included; Elimination of reps/warranties on the previous loan (for Same Servicer). Elimination of risk-based fees for borrowers who refinance into a shorterterm mortgage. Removal of the 125% LTV ceiling. Elimination of the need for a new property appraisal where there is a reliable AVM estimate by the GSEs (for Open Access). Extension of the HARP end date to December 31, Permission of one 30-day delinquency within previous 12 months (provided delinquency was not within last 6 months). Updates to solicitation guidelines allowing targeting of borrower segments for HARP loans. Freddie Mac 5

6 HARP 2.0 Observations Many of the largest lenders saw tremendous homeowner interest since the policy changes were made on December 1, The removal of the 125 percent LTV cap and certain risk-based fees for refinancing enabled more underwater borrowers to access refinancing through HARP. Volume doubled from 4Q 2011 to 1Q 2012, driven by a sharp increase in loans refinanced above 105%. Supporting this was also the fact that mortgage rates fell to historic lows (3.95% average 30-year rate in March 2012). The number of completed refinances above 105% in the first five months of 2012 exceeded the number of refinances completed above 105% for all of 2011 (40,846 through May 2012 vs. 36,307 for 2011). The securitization path for >125% LTVs became effective in June 2012, substantially increasing HARP volume for the month as it included approximately three months of pipeline. Lenders delivered ($13B HARP business in June 2012, of which $7B was >125%). Freddie Mac 6

7 HARP 2.0 Latest Announcements On September 14, 2012, Freddie Mac released a Guide Bulletin to address key issues raised by our customers. Key changes included: For Same Servicer: Aligning requirements for LTV ratios 80% with > 80%. Permitting the verification of assets in lieu of source of income Reducing income and asset documentation For Open Access: Permitting streamlined accept documentation Not requiring a re-underwrite of Condo Projects Not requiring the occupancy remain the same for second homes and investment properties. Additionally, LP feedback was updated to support these changes. Freddie Mac 7

8 HARP and Hardest Hit Funds Arizona and Nevada State Housing Finance Agencies (HFA s) have developed programs using Treasury Hardest Hit Funds to support the HARP 2.0 program. The programs are intended to help HARP eligible borrowers: Build equity Lower monthly payments Improve their ability to remain current on the mortgage. Program structures: Eligible borrowers receive hardest hit funds (HHF) used to: pay down or curtail the outstanding balance on a borrower s existing loan at the time of refinancing and/or pay closing costs, financing costs, and prepaids /escrows. Freddie Mac 8

9 HARP and Hardest Hit Funds (Cont.) The State HFA s determine the program criteria and borrower eligibility criteria Program Criteria: Allocation of HHF funds to the program The dollar contribution allocated to each borrower Borrower Eligibility Loan to Value (LTV) Income Occupancy Lenders approve the borrowers for the HARP refinance. Freddie Mac 9

10 HARP and Hardest Hit Funds (Cont.) Freddie Mac assistance: Provide State HFA s with HARP eligible loan them data to assist them in identifying eligible Modified the S/S Guide to allow HHF s to be used in conjunction with HARP Worked jointly with FHFA, Fannie Mae, Lender and HFA s to develop the process to closing these HARP loans. Reached out to lenders to educate them on the programs Freddie Mac 10

11 Where We Are Today Lenders are focused on refinancing as many borrowers as possible in the last 12 months of the program. Most large lenders have very sophisticated solicitation methods. Lenders are required to solicit FRE and FNM books similarly. Lenders have been focused on their streamlined product offerings. As rates remain low, lender capacity is an issue another reason they focus on streamlined products. Some large lenders are testing different methods of solicitations with/without follow-up calls; first class mail vs. UPS; insert in a monthly bill vs. a separate mailing. Freddie Mac 11

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