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FHFA Delays New Refinance Fee

Mortgage News > FHFA Delays New Refinance Fee
Date: 08/26/2020    FHFA Delays New Refinance Fee

In response to industry outrage, the Federal Housing Finance Agency has announced it will delay a new 0.5% “adverse market refinance fee” by three months, now becoming effective Dec. 1. The proposed fee, which faces strong criticism from groups like the Mortgage Bankers Association and the National Association of Realtors, will be applied to all mortgages over $125,000 that are resold to Fannie Mae and Freddie Mac. The FHFA has argued the fee is necessary to recoup a projected $6 billion in losses for Fannie and Freddie caused by the coronavirus-sparked recession.

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