Skip to main content

NAMB Calls for Full Disclosure of Increased G-Fees on New TRID Forms
Jul 23, 2015
Mortgage Application Pic TRID

NAMB—The Association of Mortgage Professionals is calling upon Congress to require the Consumer Financial Protection Bureau (CFPB) to include a new line item clearly stating the hidden cost of guarantee fees (G-fees) on the soon to be required TRID forms. Fannie Mae and Freddie Mac G-fees are not readily detectable by consumers in their mortgage documents since they are incorporated into the underlying rates paid by borrowers. The new TRID forms will be required during all home sales beginning Oct. 3, 2015.

"Consumers deserve to know that a portion of the cost of financing a new home will be used by increased federal 'G-fees' used to finance highway legislation and other federal spending not directly related to homeownership," said John Councilman, president of NAMB. "We oppose proposed increases in G-fees and we especially oppose their use in financing highway legislation, or any other legislation, that doesn't directly benefit the homebuyer."

NAMB and other mortgage and housing groups have spoken out in opposition to increased G-fees as a "pay for" to cover the costs of the Omnibus Highway Bill under consideration in the U.S. Senate. Originally enacted in 2011 and set to expire in 2021, the increased G-fees have essentially become a hidden tax on consumers being used to pay for federal programs unrelated to homeownership, according to NAMB.

"In the spirit of full transparency on behalf of consumers involved in the homebuying process," said Councilman. "We're asking Congress to require that the new TRID forms being used by CFPB contain a specific line item showing homebuyers exactly how much of their home purchase costs are in fact fees that in no way benefit them and are unrelated to the home purchase itself."

Supreme Court Gives Biden Full Control Over Federal Housing Finance Agency

The U.S. Supreme Court gave President Joe Biden the authority to remove the head of the Federal Housing Finance Agency (FHFA) while dismissing claims from shareholders of Fannie Mae and Freddie Mac.

Industry News
Jun 23, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021