The Federal Housing Finance Agency recently announced that it has directed Fannie Mae (FNMA) and Freddie Mac (FHLMC) to raise guarantee fees on single-family mortgages by an average of 10 basis points (bps). For loans exchanged for mortgage-backed securities, the increase will be effective with settlements starting December 1, 2012. For loans sold for cash, the increases will be effective with commitments starting November 1, 2012. FNMA and FHLMC will work directly with lenders to implement these changes.
According to FHFA, the increase will:
According to the agency, guarantee fees charged by FNMA and FHLMC increased from 26 bps in 2010 to 28 bps in 2011. For a link to FHFA’s press release, click here.