Millions of borrowers trying to take advantage of the historically low interest rates will be hit with fees when the Adverse Market Refinance Fee goes into effect on September 1, 2020.
WASHINGTON (PRWEB) August 14, 2020
National Association of Mortgage Brokers (NAMB) announced today the growing support behind their campaign to reverse the newly announced GSE loan "tax" on homeowners.
Millions of borrowers trying to take advantage of the historically low interest rates will be hit with fees when the Adverse Market Refinance Fee goes into effect on September 1, 2020. Knowing the impact this will have on the already tenuous housing market, NAMB has started a grassroots campaign to urge the GSEs and Federal Housing Finance Agency to reconsider this loan "tax". This action will contact your local Senators and Representatives directly with the click of a button.
Since the call-to-action went out Thursday, August 13th, NAMB has seen a significant increase in growth from its supporters, rising to over 10,000 in twenty-four hours.
"By adding this 1/2 percent tax on all refinance transactions in the midst of a pandemic, the FHFA and GSEs are harming our economic recovery," said Rocke Andrews, NAMB President. "This mistake in policy needs to be reversed immediately."
To take action and help your business and borrowers, you can access the petition form here and get into contact with your local congressman and make a change.
About the National Association of Mortgage Brokers (NAMB)
NAMB is a trade association of mortgage professionals with membership in all 50 states and the District of Columbia. NAMB provides education, certification and government affairs representation for the mortgage industry. For more information, visit NAMB.org.