FHFA Rule Eliminates Private Transfer Fees

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Posted To: MND NewsWire

The Federal Housing Finance Agency (FHFA) has issued proposed rules regarding private transfer fees on properties securing mortgages intended for sale to Fannie Mae, Freddie Mac, or Federal Home Loan Bank members. The rules reflect the agency's response to 4,210 letters commenting on a "proposed guidance" outlining the issue in August 2010. The wave of comments came from interested parties that included legal and trade associations, conservation and other non-profit organizations, condominium associations, title companies, developers, and state and local government. Transfer fees are contractual arrangements where an owner pays a fixed amount or a percentage of the sales price at the time of transferring the property. The transfer fees in question are collected by third parties each time a...(read more)

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Source: www.mortgagenewsdaily.com

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