A ‘Middle Finger’ to Struggling Families: How a New Fee Is About to Make Refinancing Your Mortgage a Lot More Expensive
MSN Money, Aug. 13, 2020–Samantha Sharf
In his own scathing statement, Mortgage Bankers Association CEO Bob Broeksmit estimated the new fee means the average consumer will be paying $1,400 extra. (Fannie and Freddie estimate the new fee will cost borrowers about 0.1% annually—or $100 per $100,000 borrowed—if lenders pass on the full cost.) Already, the average closing costs to refinance are about $5,000.