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Senator Questions Guarantee Fee.
Washington -- Senate Banking Committee chairman Richard Shelby, R-Ala., is looking into complaints from small lenders that Fannie Mae and Freddie Mac charge them high loan guarantee fees while offering discounts to large seller/servicers.
At a committee hearing in February, Sen. Shelby said this business practice places small lenders at a disadvantage and could be contributing to greater consolidation in the industry.
"A lot of people are concerned that these business practices may be pushing the mortgage and lending industry toward ever more concentration," the chairman said.
When asked by reporters if he believes g-fees should be the same for all lenders, Sen. Shelby said, "We will probably explore that some more."
Lenders pay g-fees to Fannie and Freddie to securitize loans. The cost is passed on to borrowers. The average g-fee is in the range of 20 to 23 basis points, but some large seller/servicers that deliver volume are paying as little as 14 basis points, sources have told this newspaper.
As previously reported, the Office of Federal Housing ...
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Source: HighBeam Research, Senator Questions Guarantee Fee.