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Freddie Raises Fees

Market condition delivery fee raised to 0.50%

August 11, 2008

By MortgageDaily.com staff


Freddie Mac has followed the lead of its Washington, D.C.-based counterpart and raised its delivery fees.

The McLean, Va.-based company is increasing its market condition delivery fee to 50 basis points from 25 BPS, according to a seller and servicer bulletin Friday. The increase applies to settlement dates on or after Nov. 7.

Freddie originally introduced the delivery fee in December 2007, citing "continued deterioration in the mortgage market." The fee, which is over-and-above all other applicable delivery fees, applies to mortgages sold with recourse and indemnification but not to loans acquired on a bulk sale basis.

The fee increase follows a second-quarter earnings report indicating an $0.8 billion loss in the second quarter.

Sister government-sponsored enterprise Fannie Mae, which reported a $2.3 billion second-quarter loss, doubled its adverse market delivery charges to 0.50 percent from 0.25 percent last week. That move is effective on Oct. 1.

In Friday's bulletin, Freddie advised sellers that it may change its process for determining whether a mortgage is subject to a deliver fee, and that it only need provide written notification to implement the changes.

The secondary lender also added a new indicator score range to its indicator score/loan-to-value table. Delivery fees ranged from negative 0.25 percent for loans with LTVs no higher than 60 percent and credit scores no lower than 700 to positive 4.00 percent for loans with credit scores less than 621. The fees don't apply to 15-year fixed-rate, Home Possible, FHA, VA and A-minus mortgages.


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