Coming Next Week : New, Mandatory Loan Fees For All Conforming Mortgages
By Jon Klein, Search Parkland Homes for Sale - Parkland FL
(Real Living 1st Choice Realty)
Beginning as soon as next week, new mandatory mortgage fees will push mortgage rates higher throughout Parkland and nationwide. Fannie Mae and Freddie Mac are raising their respective "guarantee fees". Guarantee fees are fees that mortgage-backed securities providers charge to lenders for mortgage-related services including the bundling, selling and reporting of mortgage-backed bonds. Guarantee fees are also used to insure providers against credit-related losses. As announced by the Federal Housing Finance Agency, effective for all conforming loans delivered to Fannie Mae or Freddie Mac, beginning November 1, 2012, guarantee fees will be raised by an average of 10 basis points per loan. Conforming mortgages already average close to 30 basis points in guarantee fee per loan. This is the...
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