30 Nov Fannie Mae Announces Adverse Market Refinance Fee
Fannie Mae has implemented a new Adverse Market Refinance Fee (loan-level price adjustment) that could affect most refinances. The cost to originate and deliver single family limited cash-out and cash-out refinance mortgage loans will increase by one half of one percent (.50%).
Angel Oak received a letter stating that these fees are based on market and economic uncertainty that could result in higher risk and costs for Fannie Mae. This Adverse Market Fee as referenced by the Federal Housing Finance Agency applies to all whole loans purchased by issue dates on or after December 1, 2020.
Fannie Mae’s terms of their new loan-level price adjustment is detailed below:
Please contact us directly for more information.