Fifty-one state bankers associations wrote to Federal Housing Finance Agency Director Mark Calabria today urging him to rescind the 50 basis point fee on refinance loans announced by Fannie Mae and Freddie Mac last week.
A group of Democratic senators today wrote to FHFA Director Mark Calabria raising concerns about a recent announcement that Fannie Mae and Freddie Mac will impose an “adverse market refinance fee” of 50 basis points for no-cash-out and cash-out refinance mortgages—a move strongly criticized by ABA and several other financial trade associations last week.
The Consumer Financial Protection Bureau today proposed to create a new category of “seasoned” qualified mortgages.
Seamless processes connecting loan officers’ personal service and digital convenience make customers comfortable for the biggest purchase they may ever make.
ABA joined six financial, housing and consumer groups in a letter to Oregon Gov. Kate Brown urging her to allow two new state laws related to mortgage foreclosure and forbearance to sunset as scheduled on Sept. 30, 2020.
In a surprise move Wednesday night, Fannie Mae and Freddie Mac announced that they will impose an “adverse market refinance fee” of 50 basis points for no cash-out and cash-out refinance mortgages with delivery dates on or after Sept. 1, 2020 (for Fannie Mae loans) or with settlement dates on or after September 1 (for Freddie Mac loans).
In a comment letter to the Consumer Financial Protection Bureau yesterday, the American Bankers Association supported a recent interim final rule granting flexibility under Regulation X for servicers to offer deferral options to borrowers as they transition from forbearances for financial hardships due to the coronavirus pandemic.
While it is too early to assess the full effects, COVID-19 will permanently reshape commercial real estate in the U.S.
ABA yesterday welcomed the Consumer Financial Protection Bureau’s proposal to extend the temporary “GSE patch”—which grants Qualified Mortgage status to loans eligible to be purchased or guaranteed by Fannie Me or Freddie Mac—until the bureau’s proposed QM rule changes are finalized and take effect.
ABA joined the California Bankers Association and other industry groups in a letter opposing A.B. 1436, a bill introduced in the California legislature that would mandate specific outcomes for mortgage forbearance relief, require excessively prescriptive post-forbearance repayment and impose significant legal liability.