Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
FHFA softens refinance fee impact
The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac (the Enterprises) to delay the implementation date of their Adverse Market Refinance Fee until December 1, 2020. The fee was previously scheduled to take effect September 1, 2020. In its press release, the FHFA also said the Enterprises will "exempt refinance loans with loan balances below $125,000, nearly half of which are comprised of [sic] lower income borrowers at or below 80% of area median income." Affordable refinance products, Home Ready and Home Possible, are also exempt.
The FHFA anticipates projected COVID-19-related losses of at least $6 billion at the Enterprises, and perhaps more, depending on the path of economic recovery. The Adverse Market Refinance Fee is necessary, said the FHFA, to cover those projected losses.