Columbus, Aug 09, 2021 (GLOBE NEWSWIRE) – JTS & Co. Mortgage Professionals, a company based in Columbus, MS, would like to share recent news that Fannie Mae and Freddie Mac (the companies) got rid of the Opposite Les Market fees, which came into effect on August 1, are helping families lower their housing costs. This fee was previously put in place to cover projected losses due to the pandemic. With the elimination of fees, lenders are no longer required to pay businesses a 50 basis point fee when refinanced home finance agreements are delivered.
The American Bankers Association (ABA) and various advocacy groups have sharply criticized the fee and urged its removal. Several lawmakers were also concerned that the fees would make it more difficult to buy a home.
With the announcement of the waiver of fees, ABA President and CEO Rob Nichols said, âEliminating these fees will improve the accessibility and availability of credit for borrowers and, in turn, ultimately, will help those looking to refinance into lower rate loans and improve their financial situation. condition as the country continues to recover from the COVID-19 pandemic. The ABA and its members appreciate the willingness of the FHFA to hear the concerns raised by the ABA and others and to take action that will greatly benefit distressed homeowners in our country.
The Federal Housing Finance Agency (FHFA) announced on July 16 that Fannie Mae and Freddie Mac will remove unfavorable market refinancing fees for loan deliveries from August 1, 2021. The FHFA explained that the success of their efforts, including that of companies, to minimize the impact of the pandemic allowed them to decide on the early elimination of the controversial fee.
It was noted that a significant percentage of borrowers from Fannie Mae and Freddie Mac were able to successfully exit COVID-19 forbearance. Around 2% of business-guaranteed single-family home financing arrangements remained on hold in April 2021, down from around 5% in May 2020. The FHFA will continue to monitor developments in the financing system of the country. housing to possibly make some adjustments if necessary.
JTS & Co. is an experienced real estate finance company that homebuyers can trust to help them get the lowest rate, faster closing times, and the best customer service. They have served as real estate finance advisors for residents of Mississippi and Alabama since 1996. They were also named the # 1 real estate finance company in the Golden Triangle for 11 years.
Tyler Farnham of JTS & Co. says, âEven if you have already been turned down on a real estate financing deal, if you are not eligible or if you are not satisfied with the terms that were offered to you earlier, contact us today to see if we can get you back on track with a funding arrangement you’ll love.
Those wishing to learn more about the services provided by JTS & Co. can visit their website, contact them by phone or email, or visit the company’s Facebook page.
For more information about JTS & Co., contact the company here:
JTS & Co.
4158 highway. 45 North,
Columbus, MS 39705