Refi Fee Will Wipe Out Millions in Mortgage Profits

American Banker, Aug. 20, 2020–Kate Berry, Bonnie Sinnock (subscription)
Banks, mortgage lenders and brokers could easily end up paying hundreds of millions of dollars on refinanced loans whose fixed rates have already been locked in to bolster the finances of Fannie Mae and Freddie Mac. Bob Broeksmit, the Mortgage Bankers Association’s President and CEO, said the fee is bad for homeowners and the economic recovery. MBA is urging the FHFA to withdraw the fee, which Broeksmit called an “ill-timed, misguided directive.”