Congress Nixes Costly FHA Administrative Fee from Senate Bill

twl_2014_dec_blog4Congress has officially dropped a provision from Senate Bill 2438 that would have allowed the Federal Housing Authority to impose and collect a 4 basis points fee from mortgage lenders. The costly fee, which was buried in the bill, was highly opposed by The Community Mortgage Lenders Association (CMLA). The group appealed to House and Senate appropriators late last month to formalize their concerns about the fee hike.  In a breaking news story from HousingWire, CMLA Chair Paulina McGrath said, “We are proud to have taken a principled stand opposing these fees, for the benefit of consumers and the mid-sized and small lenders who serve their financing needs.”

To learn more about this story, read the full article. Image Credit: Scott Hingst