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FHFA abandons refinance fee
The Federal Housing Finance Agency (FHFA) announced Friday that the government-sponsored enterprises (GSEs) will abandon the adverse market refinance fee - which imposed a 0.5 percent fee on most mortgage refinance loans - effective Aug. 1. NAFCU strongly-opposed the adverse market refinance fee when it was announced, arguing that it would hurt credit unions and their mortgage borrowers as they try to recover from the coronavirus pandemic.
In the FHFA's announcement, the agency focused on how the action was aimed at ensuring affordable housing. "Today's action furthers FHFA’s priority of supporting affordable housing while simultaneously protecting the safety and soundness of the Enterprises," said FHFA Acting Director Sandra Thompson.
NAFCU will continue to monitor the FHFA's efforts to support liquidity in the mortgage market and work with the agency to ensure credit unions' concerns are addressed.