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Operate the business in a safe and sound manner.
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Promote sustainable and equitable access to affordable housing.
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Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on Fannie Mae and Freddie Mac’s (the Enterprises) single-family pricing framework. The RFI solicits public feedback on the goals and policy priorities that FHFA should pursue in its oversight of the pricing framework.
FHFA also seeks input on the process for setting the Enterprises’ single-family upfront guarantee fees, including whether it is appropriate to continue to link upfront guarantee fees to the Enterprise Regulatory Capital Framework (ERCF), which was established in 2020, and has a significant impact on the risk-based pricing component of the Enterprises’ guarantee fees.
“Through this RFI, FHFA seeks input on how to ensure the pricing framework adequately protects the Enterprises and taxpayers against potential future losses, supports affordable, sustainable housing and first-time homebuyers, and fosters liquidity in the secondary mortgage market,” said Director Sandra L. Thompson. “We are committed to being transparent and to considering views from a diverse set of stakeholders and market participants.”
Guarantee fees are intended to cover the Enterprises’ administrative costs, expected credit losses, and cost of capital associated with guaranteeing securities backed by single-family mortgage loans. In 2022, the Enterprises began using the ERCF for measuring the profitability of new mortgage acquisitions, among other purposes, and FHFA began taking a series of steps to update the Enterprises’ single-family guarantee fee pricing framework to better align the pricing and capital frameworks. The updates are intended to increase support for creditworthy borrowers limited by income or by wealth, while ensuring a level playing field for small and large sellers, fostering capital accumulation, and achieving commercially reasonable returns on capital.
FHFA invites interested parties to provide written input, feedback, and information on all aspects of this RFI by August 14, 2023. Comments may be submitted via FHFA’s website (select “Enterprises’ Single-Family Mortgage Pricing Framework” from the pull-down menu) or mailed to the Federal Housing Finance Agency, Office of Capital Policy, 400 7th Street, S.W., Washington, DC 20219.
Request for Input
Related Resources
FHFA Announces Rescission of Enterprise Upfront Fees Based on Debt-To-Income (DTI) Ratio (5/10/2023)
FHFA Director Thompson's Statement on Upfront Fees Based on Certain Borrowers' Debt-To-Income (DTI) Ratio (3/15/2023)
FHFA Announces Updates to the Enterprises' Single-Family Pricing Framework (1/19/2023)
FHFA Announces Targeted Pricing Changes to Enterprise Pricing Framework (10/24/2022)
FHFA Announces Targeted Increases to Enterprise Pricing Framework (1/5/2022)
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Adam Russell Adam.Russell@FHFA.gov
