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Fannie Boosts Fees

Announcement 08-18 issued

August 5, 2008

By MortgageDaily.com staff


Fannie Mae has increased some of its delivery fees and pricing adjustments.

The Washington, D.C.-based company has doubled its adverse market delivery charges to 0.50 percent from 0.25 percent, according to Announcement 08-18 issued yesterday.

The higher fee is 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. The charge applies to loans delivered to Fannie under standard or negotiated terms.

"Fannie Mae is announcing changes to better align pricing with credit risks, mitigate losses, and support Fannie Mae's ability to provide a stable source of liquidity to lender partners," the secondary lender explained.

Fannie also announced increases to its loan-level price adjustments. Impacted loans include those with credit scores of at least 720 and loan-to-values in excess of 85 percent; loans with credit scores of at least 620 and LTVs more than 85 percent; and some mortgages with LTVS between 75 percent and 85 percent.

The revised LLPAs, which range from 0.25 percent to 2.75 percent, do not apply to loans with amortization terms of 15 years or less, MyCommunityMortgage loans, most government loans or Desktop Underwriter 5.7 Expanded Approval loans.

The LLPA adjustments also go into effect on Oct. 1.

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