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Small Lenders Lobby for 'Flat' G-Fee.
Washington -- A legislative proposal that would mandate all lenders pay Fannie Mae and Freddie Mac the same flat guarantee fee is gathering serious traction on Capitol Hill, according to industry officials.
If the idea becomes law it would decimate the pricing advantage mega-lenders like Wells Fargo Home Mortgage, Des Moines, and Countrywide Home Loans, Calabasas, Calif., have over smaller competitors.
It also could bring an end to "strategic alliances" between the nation's large mortgage originators and Fannie and Freddie. (Some firms reportedly pay the GSEs g-fees as low as 10 basis points compared to the industry average of 23 basis points.)
Spearheading the call for a one-price g-fee is former U.S. Sen. William L. Armstrong, who is currently chairman of Cherry Creek Mortgage, Greenwood Village, Colo.
Mortgage lobbyists said Mr. Armstrong, who served in the Senate from 1979 to 1991, recently talked up the flat g-fee proposal with the office of Senate Banking Committee chairman, Richard Shelby, R-Ala., and other legislators.
However, this could not be confirmed as Mortgage Servicing News went to press last week. (Mr. Armstrong could not be reached for comment.) A spokesman for the Senate Banking Committee would only say that the chairman is, at this time, "receptive to all ideas" regarding GSE regulatory reform.
Presumably, language mandating a one-price (or flat g-fee) for all could be attached to a GSE reform bill.
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Source: HighBeam Research, Small Lenders Lobby for 'Flat' G-Fee.