Fannie Mae's refinancing volume jumped to $77 billion in March – nearly twice the refinancing volume the company experienced during the month of February and the company's largest refinance month since 2003.
‘The volumes we are seeing are very encouraging,’ says Tom Lund, executive vice president, Single-Family Mortgage Business.
"Providing broader access to affordable, sustainable mortgages through expanded refinancing opportunities is a critical part of preventing future foreclosures and hastening recovery,’ he adds.
The company also disclosed that more than 500,000 borrowers have accessed Fannie Mae's online assistance to inquire about the possibility of refinancing their loan under the Obama administration's refinancing plan, and more than 80,000 callers have contacted Fannie Mae's national hotline since the plan was announced.
SOURCE: Fannie Mae