Mortgage News for August 28th, 2020

FHFA Delays the Refi Fee

On Tuesday, August 25, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac would delay the implementation of the controversial Adverse Market Refinance Fee. The fee, previously set to take effect September 1, will now be applied starting December 1. Along with this news, the FHFA said Fannie Mae and Freddie Mac will exempt refinance loans with balances below $125,000 along with Home Ready and Home Possible products. Mortgage Bankers Association President and CEO Robert Broeksmit said, “We welcome today’s announcement from the FHFA amending the recently announced Adverse Market Refinance Fee from Fannie Mae and Freddie Mac. Extending the effective date will permit lenders to close refinance loans that are in their pipelines and honor the rate lock commitments they made to their borrowers, ensuring that economic relief in the form of record low interest rates will continue to flow to consumers.”¹

Color Schemes for 2021

With more people than ever staying home amid the Coronavirus Pandemic, many homeowners are looking to upgrade their space with simple DIY projects. If painting is on your list, Behr Paint Company recently unveiled its BEHR® Color Trends 2021 Palette. This color palette consists of 21 versatile shades spanning from essential neutrals to lavish bolds, which enable people to create energizing yet comforting new focal points in the home. “This has been a year of unpredictability and 2020 has significantly changed our relationship with our home. When our color team began exploring a palette for the coming year, we knew it needed to be grounded in what we’ve been craving: comfort and personalization,” said Erika Woelfel, vice president of color at Behr. The BEHR® Color Trends 2021 Palette is organized into six color schemes: Casual Comfort, Subtle Focus, Optimistic View, Quiet Haven, Calm Zone, and Outdoor Escape. See more about the 2021 color themes here!⁴

Sources: ¹Mortgage Bankers Association, ⁴BEHR