Genworth Financial’ mortgage insurance division had begun to see a noticeable rise in HARP refinancing applications, a sign that the new '2.0' version of the program could finally be gaining popularity.

“Last week was our highest application week since the inception of the Home Affordable Refinancing Program,” a Genworth spokesman told National Mortgage News.

Last month, HARP refinancing applications inceased 37% on a sequential basis, and 55% from November.

"We're beginning to see broad increases in HARP participation from several large servicers. Some are reaching out to MI borrowers in their marketing campaigns, which they weren't doing before," stated the Genworth official Alfred King.

The Federal Housing Finance Agency ordered modifications to the HARP program last fall through its 2.0 initiative. These modification went into effect on the first of December and included, among other things of course, lower fees for loan origination.

However, most of the HARP refinancing activity is still coming from servicers that are refinancing loans in their own portfolios. King noted that not even 5% of HARP volume is originating from “new” servicers.

HARP 2.0 is meant to change this situation. Fannie Mae and Freddie Mac are updating their automated underwriting machines, which makes it easier for new lender/servicers to refinance loans controlled by other lenders.

Economists at the Mortgage Bankers Association told NMN that “HARP 2.0 is accounting for more than 10% of refinance volumes for many lenders. However, there is considerable variation across the industry.”

To learn about your options for refinancing your home, please visit: http://www.californiamortgagedirect.com/refinance

For more information about HARP 2.0, please go to: http://www.smartmoney.com/spend/real-estate/sizing-up-harp-20-1322685479...