Posted To: Pipeline Press

Hundreds of thousands of people in the lending industry, their borrowers, and vendors are grappling with the refi price hit announced Wednesday evening by FHFA Director Calabria. From the Carolinas I received this from Rhonda M. “We are into the J’s now for Atlantic named storms. Wonder if Hurricane Jalabria might work?” In one sense it is merely a transfer of money directly from lenders to the Agencies and the FHFA. When refinancing from 4 percent to 3 percent what added risk is there in this rate term product? None, so why the “refi tax”? We’ll survive, of course, just as we have done with RESPA, TRID, and the 10 basis point increase to gfees that we’re still paying for after Congress directed the FHFA to implement due to the “Temporary”…(read more)

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Source: Mortgage News Daily