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California Real Estate Magazine

In November, the House approved a long-term-transportation bill with an amendment to exclude the tax. C.A.R. & NAR vigorously opposed the "add-on" fee for all new conforming mortgages in order to pay for transportation infrastructure. This "g-fee", which was a disguised tax on home buyers, would have cost Californians more than $8,100 over the life of an average mortgage on either a new home purchase or refinance.
As a result, in early December, President Obama signed HR 22, the Surface Transportation Reauthorization and Reform Act of 2015, which does NOT include an extension of the higher guarantee-fees. While the Senate version of the long-term transportation bill included this "mortgage tax" to pay for the transportation infrastructure, the final version does not. This is a HUGE win for homeowners, homebuyers, and Realtors.
-Source, California Real Estate Magazine

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