On Friday, the FHFA announced the elimination of the 50 basis point Adverse Market Refinance Fee. CUNA urged the FHFA to eliminate the fee in its letter to Acting Director Thompson a few weeks ago, citing the reduced risk of loss related to the pandemic and harmful increase in costs to consumers. The FHFA echoed these concerns when it announced the fee will be eliminated. The fee will be eliminated beginning with loan deliveries effective August 1, 2021. CUNA applauds the FHFA for the change, and looks forward to further working with the FHFA on credit unions’ other priorities for the agency.
