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As reported by Politico, the Federal Housing Finance Agency is delaying the implementation of a controversial new fee on mortgage refinancings until Dec. 1 in the wake of widespread pushback.
The agency is also carving out an exemption from the 0.5 percent surcharge for low-income refinance loans, it said Tuesday.
Fannie Mae and Freddie Mac announced two weeks ago that they would levy a new fee on refinance loans they purchase starting Sept. 1 in light of “market and economic uncertainty” caused by the coronavirus pandemic.
We thank those who reached out as part of our Call to Action by sending almost 17,000 letters to legislators across the country. With your support, our grassroots efforts were successful in delaying this surcharge which would have been passed on to consumers in the form of higher mortgage rates.
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