MBA Statement on FHFA’s Elimination of the Adverse Market Refinance Fee
|Rob Van Raaphorst|
WASHINGTON, D.C. (July 16, 2021) - Statement by MBA's President and CEO Bob Broeksmit on FHFA's announcement that Fannie Mae and Freddie Mac (the GSEs) will eliminate the Adverse Market Refinance Fee for loan deliveries effective August 1, 2021.
"MBA applauds Acting Director Sandra Thompson's decision to eliminate the Adverse Market Refinance Fee. We have called on FHFA to rescind this policy and appreciate that they have reviewed the data and been responsive to our request. With less than 2 percent of GSE loans in forbearance and continued home price appreciation resulting in significant borrower equity, there is no need for the fee.
"We look forward to continuing to work with FHFA, and other stakeholders, including Congress, on ways to continue to protect homeowners and taxpayers while ensuring a liquid, well-regulated mortgage market."