Freddie Mac began purchasing HARP 2.0 loans in January and by the end of the first quarter had acquired $5 billion of these refis, according to the company’s first-quarter securities filing.
The newly revised Home Affordable Refinancing Program is designed to reach more borrowers that have little or no equity in their homes.
The secondary market agency estimates there are $70 billion of loans in its guaranteed portfolio with a current loan-to-value ratio of 105% that could be eligible for a HARP 2.0 refinancing.
Freddie also reported that it issued $2.6 billion of new loan repurchase requests to its seller/servicers in the first quarter, compared to $2.8 billion a year ago.
Outstanding repurchase requests rose to $3.2 billion as of March 31 from $2.7 billion a year ago.
During the first quarter, the agency collected $850 million in buybacks and cancelled $1.2 billion of requests.
“As of March 31, two of our largest seller/servicer had aggregate repurchase requests outstanding of $1.7 billion,” Freddie said. Nearly half of the requests have been outstanding four or more months.