According to several reports, Fannie Mae and Freddie Mac are considering delaying the implementation of the purposed adverse market finance fee of 50 basis points. The new adverse market finance fee is set to be charged to lenders for refinances sold to the Fannie Mae and Freddie Mac after Sept. 1. Last week, ALTA joined with a coalition of banking and real estate groups urging the White House, the Federal Housing Finance Agency (FHFA), and the government-sponsored entities to reconsider this plan. Congress sent its own dueling letters from Senate Republicans and Democrats expressing concern over the cost to homeowners. The Democratic letter states, “We do not know the full effect that COVID-19 will have on our nation’s health or on families’ finances. If families can lower their monthly costs, including housing costs, it would help them weather the public health and economic crisis in the months ahead. An unexpected fee will not.” LTAMS joined with a coalition of banking and real estate groups urging Senators Roger Wicker and Cindy Hyde-Smith, as well as Congressman Trent Kelly, Bennie Thompson, Michael Guest, and Steven Palazzo to take action to rescind the new adverse market finance fee.
Land Title Association of Mississippi
The Land Title Association of Mississippi is a professional association dedicated to creating an environment which enables its members to provide the public with the highest quality land title evidencing, title insurance and settlement services.