6,000 borrowers have refinanced home loans
San Francisco, CA -- (SBWIRE) -- 10/03/2012 -- More than 6,000 homeowners have refinanced their mortgages through Regions Bank under the federal Home Affordable Refinance Program.
The value of those home loans this year totals more than $1 billion through September, the company said. That volume has already surpassed the bank’s goal for this year.
“We’ve been able to help many people through this program,” Regions Mortgage head Logan Pichel said. “The demand and interest in HARP has been so strong that we exceeded the $1 billion forecast that we set for 2012 four months early.
Homeowners who have refinanced with Regions Bank under HARP save on average $285 a month.
Earlier this year, the bank added two operations centers and boosted staffing to handle HARP loans. Both Regions customers and clients of other banks are eligible to refinance. About 40% of refis from March to August were for borrowers whose mortgages were not originally serviced by Regions Bank.
“We continue to find strong interest for HARP,” Pichel said. “There are thousands more who could benefit from it, whether it’s because of the value of their home or because of low rates.“
HARP is intended to help borrowers with loans owned by Freddie Mac and Fannie Mae. Homeowners can qualify for refinancing, reduced fees and a streamlined process for handling loan paperwork. The program is scheduled to run through December 2013.
Regions Bank is a subsidiary of Regions Financial Corp., a consumer and commercial banking company with $122 billion in assets.
USHarpProgram.com (http://usharpprogram.com) is an online resource with information about the federal Home Affordable Refinance Program. Homeowners can learn about refinance options, eligibility and program availability. Find out more about HARP and the steps to participate in the program at USHarpProgram.com.
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