Real Estate

Fannie and Freddie drop mortgage refinance fee, lowering costs for borrowers

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Fannie Mae and Freddie Mac are dropping a fee on mortgage refinances that was instituted during the pandemic, lowering costs for borrowers, the Federal Housing Finance Agency said Friday.

Fannie and Freddie were charging lenders a 50 basis-point fee for all loans that were delivered to the two mortgage giants. The fee, designed to cover losses projected as a result of the pandemic, was being passed on to borrowers.

“The COVID-19 pandemic financially exacerbated America’s affordable housing crisis. Eliminating the Adverse Market Refinance Fee will help families take advantage of the low-rate environment to save more money,” acting Federal Housing Finance Agency Director Sandra Thompson said…



Source cnbc.com

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