Stimulating “competitive intensity” in consumer financial markets will be a key priority for the CFPB under the leadership of Rohit Chopra, who was sworn in as director earlier this month.
The Federal Housing Finance Agency announced plans to expand refinance programs introduced last spring for low- to moderate-income borrowers.
The frothy housing market can create challenges for borrowers and lenders. Bankers can help by alerting borrowers up-front to the risks.
Closed-end mortgage originations increased 65.2% in 2020, driven primarily by an increase in mortgage refinance loans, according to a new review of Home Mortgage Disclosure Act data released by the Consumer Financial Protection Bureau today.
The Federal Housing Finance Agency today announced that it will eliminate a widely panned “adverse market refinance fee” of 50 basis points for no-cash-out and cash-out refinance mortgages for loan deliveries effective Aug. 1.
To help more borrowers take advantage of historically low mortgage interest rates, the Federal Housing Finance Agency today announced a new refinance option for low-income borrowers who have single-family mortgages backed by Fannie Mae or Freddie Mac.
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).