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"Adverse Market Fee" being dropped by Fannie/Freddie

1,751 Views | 12 Replies | Last: 2 yr ago by college of AG
Diggity
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AG
mortgage folks. Will this actually have any effect on the pricing/rates you can quote or is Yahoo overstating this?

https://finance.yahoo.com/news/mortgage-rates-fall-refinance-fee-164800483.html
SteveBott
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AG
Some.

A bit.

Not much.

Help?
Diggity
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AG
I'm picturing Tom Herman reading your response
SteveBott
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AG
I'm better looking.

But that ain't saying much.
Mortgage Man
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AG
$1500 or 1/2 point on a $300,000 loan equates to about 0.125% in rate on a 30 year mortgage...so beauty is in the eye of the beholder I suppose....
Diggity
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AG
I happen to like found money.

so if I'm locked in right now should I be squeezing my mortgage guy for that additional credit or am I screwed?
college of AG
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AG
I'm in the middle of a refi. Just waiting on the survey completion. To close after Aug 1st.

I was told by my lender that this would not change my rate and I was locked.

I wasn't too impressed because they won't be paying the 0.5% on my loan now. I shouldn't pay it.

Thinking of moving it elsewhere.
SteveBott
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AG
That is not the way it works. The removal of the fee was to start at a set date. FHFA is probably counting on it's existing pipeline for revenue forecasts.

Your lender would need to switch banks and start over after the start date is/was. If you already paid for an appraisal then it's likely that is a sunk cost so a new Appraisel washes out some of the fee. Appraisals can be transferred but not all lenders accept them.
Diggity
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AG
Thanks Steve. That's what I figured.
college of AG
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AG
Thank you for the help. Saves me the headache and hassle!
SteveBott
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AG
Update I stand corrected. Announced 7-16 and effective for loans delivered after 8-1. So yes this fee could be waived by the lender as long as they don't sell it until after 8-1

https://www.fhfa.gov/mobile/Pages/public-affairs-detail.aspx?PageName=FHFA-Eliminates-Adverse-Market-Refinance-Fee.aspx
college of AG
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AG
Steve, so we have been working it our refi for a month or so. Now waiting on a survey that will be 3 more weeks. We will be mid-Aug closing but we have had our rate locked for 3 weeks.

What is your opinion of what I should ask for?
SteveBott
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AG
Hard to say. Lots of details I don't know about. You could always ask to split the fee at a quarter point rebate and bluff them to see what you get. My contact is in my profile and I quote a rate to see if it's worth changing.

Send that link to get the convo started showing you know what is going on. I'm having this convo with my company about current clients right now. Lots himming and hawing bu my folks too
college of AG
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AG
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