Financial, Housing and Consumer Groups Criticize New GSE Fee on Refinances, Call for Withdrawal
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).