The Federal Housing Finance Agency today delayed a 50 basis point fee it had planned to start imposing on Fannie Mae and Freddie Mac refinanced mortgages.
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.
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).
Fannie Mae and Freddie Mac have issued temporary guidance clarifying the ability of borrowers with loans in forbearance to refinance or purchase a new home, the Federal Housing Finance Agency announced today.
Noting that FHA endorsements with cash-out refinances have more than tripled since 2013, the Federal Housing Administration moved to reduce the maximum loan-to-value ratio on a cash-out refi mortgage from 85% to 80%.
A bipartisan group of lawmakers — led by Rep. Gregory Meeks (D-N.Y.) and including House Ways and Means Committee Chairman Kevin Brady (R-Texas) — wrote to the Internal Revenue Service yesterday to express concerns about recent changes to the IRS’ tax transcript processing system that could result in significant delays for consumers when attempting to purchase or refinance a home.
In a comment letter with nine trade associations on Friday, ABA urged the IRS to take immediate steps to fix problems with the tax transcript process that could result in significant delays for consumers attempting to purchase or refinance a home.
The Federal Housing Finance Agency today extended the Home Affordable Refinance Program through Dec. 31, 2018.