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Fannie/Freddie backing it means it applies to all "conforming" or conventional mortgages. Unless it is a boutique or small portfolio lender making loans against
by spinchange 6y ago
Fannie/Freddie backing it means it applies to all "conforming" or conventional mortgages. Unless it is a boutique or small portfolio lender making loans against its own assets, it's basically "all banks" as they make mortgages conform to the GSE's criteria so the loan can be packaged and sold on the secondary market.
- tyingq 6y agoIt doesn't apply to mortgages for purchasing a home. Just refinancing.
- spinchange 6y agoCorrect, I was just speaking to the fact that all conforming, conventional loans means it applies to pretty much everyone in the business of making mortgages. This new fee is only on refinance transactions.