WASHINGTON–The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to implement a congressionally mandated increase in their loan guarantee fees on April 1.
The initial loan guarantee hike will be 10 basis points. But additional g-fee increases may be coming, FHFA acting director Edward DeMarco told National Mortgage News, an affiliate of Credit Union Journal.
The payroll tax cut extension bill passed by Congress on Dec. 23 requires that GSEs charge an average g-fee in 2012 of at least 10 BPs higher than in 2011. The lawmakers relied on a 10-year increase in Fannie and Freddie g-fees to cover most of the costs of the legislation that extended the payroll tax reduction along with unemployment benefits for two months. The bill also directs the GSE regulator to adjust the g-fees so all lenders pay the same fee.
A recent FHFA report shows the 10 largest customers of Fannie and Freddie paid an average g-fee of 23 basis points in 2010.
The next tier of Fannie and Freddie's customers (ranked 11 through 90) paid an average g-fee of 27 basis points in 2010.
The legislation gives FHFA two years to implement a uniform fee structure.
