The Federal Housing Finance Agency (FHFA) announced a delay to the implementation date of their Adverse Market Refinance Fee until December 1, 2020.
The Federal Housing Finance Agency (FHFA) yesterday directed Fannie Mae and Freddie Mac (the Enterprises) to delay the implementation date of their Adverse Market Refinance Fee until December 1, 2020. The fee was previously scheduled to take effect September 1, 2020.
As a result, we are removing the Adverse Market Fee from our rate sheet until further notice. In addition, we will be reversing the 50 bps pricing adjustment from all loans previously locked – best efforts and bulk - that were impacted by the Adverse Market Fee.
For loans purchased with the Adverse Market Fee in August, the fee will be reimbursed through our routine monthly process.