Overview
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.
Contacts
Please contact CorrespondentRM@carringtonms.com with any questions.
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