Similarly, Wells Fargo WFC recorded a 35% increase in net gain on mortgage loan origination/sales activities during the first six months of 2020. However, going forward, the mortgage refinance boom, which began in late 2019, might get killed. This is because the Fannie Mae FNMA and Freddie Mac FMCC, the government-sponsored enterprises that back millions of mortgages in the United States, have announced that starting Sep 1, all mortgage lenders will have to pay 0.5% for every refinance loan made to consumers.