The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee. The fee was designed to cover increased credit risk as a result of the COVID-19 pandemic and due to the success of Fannie Mae/Freddie Mac COVID-19 policies which reduced the impact of the pandemic, the FHFA implemented an early conclusion of the fee.
The 50-basis point fee has been eliminated on locked loans going forward; however, the fee will remain on existing locked loans in the pipeline.
Please contact CorrespondentRM@carringtonms.com with any questions.
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