On Wednesday, the Federal Housing Finance Agency authorized Fannie Mae and Freddie Mac to impose an “Adverse Market Refinance Fee” – a 50-basis-point fee on most refinance mortgages, effective for loans delivered on or after September 1. Following the announcement, MBA CEO Bob Broeksmit, CMB, released a statement strongly urging FHFA to withdraw this directive.
It’s not just the summer temperatures that are hot: Zillow Inc., Seattle, said despite more new listings added to the market last week than previously, inventories can’t keep up with buyers’ appetite for homes.
The delinquency rate for commercial and multifamily mortgages declined in July. The rate had increased sharply in April at the onset of the pandemic, with 3.6% of loan balances becoming newly delinquent. In May, delinquencies increased again, with a new, but smaller, cohort of newly delinquent loans.
Good morning! August is usually a quiet time in Washington—so quiet, that not too many years ago, MBA NewsLink would take a week-long break during the month and not miss a thing. That’s not the case these days.