As your credit union continues to work with homeowners experiencing economic challenges, the ability to offer affordable options remains critical to their financial future. That’s why the CUNA/League system and other Ohio financial institutions and housing trades collectively urged Federal Housing Finance Agency (FHFA) Director Mark Calabria and Congress to eliminate a recently proposed 0.5 percent GSE adverse market fee on all home refinance loans. In response to those collective advocacy efforts, the FHFA announced a Dec. 1 delay and $125,000 threshold exemption moving forward.
While the delay protects current midstream loans from complicating cost factors and exempts some homeowners, the fee will provide future obstacles during a challenging economy. Join us in urging the FHFA to eliminate the fee by sending a pre-written message to your congressional leader. Your advocacy efforts have already made a difference and can further protect financial lifeline solutions, like affordable home refinance options, that your members need most during this difficult time.
If you have any questions about the recent delay efforts, or need help sending your message, please contact League SVP of Advocacy Emily Leite.