Last week we informed you of a new directive from Fannie Mae and Freddie Mac (collectively the “GSEs”) to charge an adverse market fee on refinance loans delivered to the GSEs on or after September 1, 2020. In response to the controversial ... Read More

On Wednesday, August 12, the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (collectively the “GSEs”) will impose a 50-basis-point adverse market fee on refinance loans purchased by the GSEs. Effective for loans ... Read More

In Texas, the term “cash out” is commonly used to describe a home equity loan originated under Section 50(a)(6), Article XVI of the Texas Constitution. However, the term “cash out” is also used to define a refinance transaction under the Fannie Mae ... Read More

This memo pertains to VA issued Circular 25-18-30 on December 17th summarizing the new rules for cash-out refinance loans (see link below). These requirements include new disclosures: “VA Type I Cash-Out Refinance, Fee Recoupment Certification” and ... Read More