Housing Wire, August 20, 2020: Fannie Mae and Freddie Mac CEOs address industry on refinance fee grievances
In a combined letter on Thursday, Fannie Mae CEO Hugh Frater and Freddie Mac CEO David Brickman addressed industry criticisms following the GSEs’ announcement last week of an additional 50 basis point fee on refinances starting Sept. 1.
After the announcement, various companies including the Mortgage Bankers Association, National Association of Realtors, Community Home Lenders Association, National Association of Home Builders and many others called for the withdrawal of the fee, citing it as “untimely” in an age of economic distress. On Aug. 14, the National Association of Mortgage Brokers received more than 10,000 supporters behind its campaign to reverse the GSE fee in just 24 hours after the campaign’s launch.