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Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.

G-Fee Increase Announced

Legislation requires increase

Dec. 29, 2011

By staff

The cost of obtaining a guarantee on residential mortgage-backed securities from the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. has been increased as a result of recently passed legislation.

The Temporary Payroll Tax Cut Continuation Act of 2011 was signed into law by President Obama on Dec. 23.

Among the provisions contained in the legislation was an increase in guarantee fees charged by Fannie Mae and Freddie Mac.

The minimum g-fee increase in 2012 is 10 basis points over the average fees charged in 2011 on single-family mortgage-backed securities, according to the Federal Housing Finance Agency, which regulates the two secondary lenders. The increase is immediately effective.

The FHFA is required to determine a schedule for g-fee increases over a two-year period.

"To begin implementation of these requirements, today I am directing Fannie Mae and Freddie
Mac to announce before year-end to their seller-servicers that, effective April 1, 2012, the guarantee fee on all single-family residential mortgages shall increase by 10 basis points," FHFA Acting Director Edward J. DeMarco said in the announcement.

The increase will be passed directly on to the Department of the Treasury instead of being retained as reserves.

Early next year, the regulator will determine whether additional g-fee increases are needed.

"FHFA will announce plans for
further guarantee fee increases or other fee adjustments that will then be implemented gradually over the two-year implementation window, taking into consideration risk levels and conditions in financial markets," the statement said. "FHFA will monitor closely the increased guarantee fees imposed as a result of the new law throughout its effective period, which ends Oct. 1, 2021."

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