Browsing: Refinances

Mortgage

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.  

Mortgage

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%.

Mortgage

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.

Mortgage

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.

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