WASHINGTON — NHC President and CEO David M. Dworkin welcomed the decision by the Federal Housing Finance Agency (FHFA) yesterday to delay the effective date of the recently proposed Adverse Market Refinance Fee.
Following Fannie Mae and Freddie Mac’s announcement of the new fee earlier this month, a diverse group of housing stakeholders led by the Mortgage Bankers Association, including NHC, expressed concern that the decision would increase mortgage interest rates for thousands of refinance borrowers.
“NHC applauds FHFA’s decision to delay the effective date of the new refinance fee to Dec. 1. We look forward to working with FHFA and the GSEs to avoid any increase in the cost of refinancing for homeowners,” said Dworkin.
“Fannie Mae and Freddie Mac play a critical role in preserving liquidity and safely serving mortgage consumers, especially important during this pandemic. We appreciate the decision to delay this policy change, which will allow more households to take advantage of historically low interest rates to reduce their monthly payment. It’s never been more important for homeowners to reap the financial benefits and savings of low interest rates. Now is the time to encourage refinancing – not make it harder.”
About NHC: The National Housing Conference has been defending the American Home since 1931. Everyone in America should have equal opportunity to live in a quality, affordable home in a thriving community. NHC convenes and collaborates with our diverse membership and the broader housing and community development sectors to advance our policy, research and communications initiatives to effect positive change at the federal, state and local levels. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization.