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 League joined forces with the Ohio Bankers League, Ohio Mortgage Bankers Association, and the Ohio REALTORS to urge Federal Housing Finance Authority Director Mark Calabria to immediately withdraw a new directive that would apply a 50 basis points fee, effective on September 1, on all residential mortgage refinances, including both cash-out and non-cash-out. Copies of the letter were also distributed to both Fannie Mae and Freddie Mac and the entire Ohio congressional delegation. The League joins CUNA and other national financial and housing trades in pleading for a policy reversal to avoid any adverse impact to people, families, and communities during a difficult time. We'll keep advocating for the fee's elimination so you can continue providing optimal service to your members in their time of need.
If you have any questions about the fee or the joint letter, please contact League SVP of Advocacy Emily Leite.