Washington, D.C. (July 16, 2021) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today's Federal Housing Finance Agency announcement on the Adverse Market Refinance Fee.
"ICBA welcomes today's Federal Housing Finance Agency announcement that it will eliminate the Adverse Market Refinance Fee on refinance loans delivered to Fannie Mae and Freddie Mac.
“ICBA opposed the 50-basis-point price increase on most refinance mortgages purchased by the government-sponsored enterprises because it increased the cost of mortgage credit in the middle of the pandemic-induced economic downturn.
“After delaying the fee last year and exempting smaller loans following ICBA and community bank advocacy, the FHFA said today that COVID-19 policies successfully reduced the impact of the pandemic and warranted an early end to the fee.
"ICBA appreciates the FHFA’s willingness to work with all stakeholders on this issue and looks forward to continuing to work with the agency and GSEs to support the U.S. economic recovery."
The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.