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President Obama Lowers Fees On Refinanced Loans

Mortgage News > President Obama Lowers Fees On Refinanced Loans
Date: 03/06/2012    President Obama Lowers Fees On Refinanced Loans

At a news conference Tuesday, President Obama announced a reduction in upfront fees on refinanced loans stating "It's like another tax cut in people's pockets.”

The Obama administration estimates roughly 2 to 3 million borrowers who received an FHA Loan before June 1, 2009 stand to save about $1,000 a year if they choose to take advantage of the savings.

The new policy in place instructs the FHA to not count the refinanced loans to a lender’s “compare ratio” in an effort to have them be more willing to refinance FHA Loans.
 

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