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Fannie Cancels Adverse Delivery Fee Increase

Fee will remain 0.25%

October 3, 2008

By MortgageDaily.com staff

Less than two months after doubling its adverse market delivery charges, Fannie Mae is reversing its decision.

The secondary lender said Thursday it is canceling the increase that was to be effective for whole loans purchased on or after Oct. 1 and for mortgages delivered into mortgage-backed securities with issue dates on or after Oct. 1.

Fannie said in August that it was increasing adverse market delivery charges to 0.50 percent from 0.25 percent, which it noted was more in line with credit risks.

But the company's liquidity crisis during August forced it to look for cash anywhere it could find it. Government sponsored rival, Freddie Mac, followed Fannie's lead and increased its market condition delivery fee to 50 basis points from 25 BPS.

Both Fannie and Freddie were placed into conservatorship on Sept. 7 by their regulator, the Federal Housing Finance Agency -- a move that immediately provided Treasury-funded liquidity and eliminated the urgent need to find capital.

Fannie's adverse delivery fee will remain 0.25 percent, according to Announcement 08-24 yesterday..

"Our expectation is that this decision to forgo the across-the-board increase in our delivery charges will be passed on to borrowers in the form of lower mortgage costs," Fannie Chief Executive Officer Herb Allison said in the letter. "The market has changed substantially since we announced this increase to our pricing in early Aug..8."

Fannie said it expects lenders to reduce the fee for any borrowers who haven't closed yet.

Secondary Marketing News | Correspondent Lender Directory
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