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FHFA Annual Guarantee Fee Report Tracks Adjustments from 2009 through 2013


​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its sixth annual report on the single-family guarantee fees (g-fees) charged by Fannie Mae and Freddie Mac.  The report includes data from 2009 through 2013 and shows that g-fees more than doubled over this period and increased at a higher annual rate in 2013 than in the prior four years.  

The report also reflects the impact of g-fee policy changes in previous years and changes in risk-adjusted g-fees by product type and volume, indicating that:

  • guarantee fees increased to an average of 51 basis points in 2013 compared to an average of 36 in 2012 and 22 in 2009;
  • the g-fee increases in 2012 reduced pricing differences between small and large lenders in 2013; 
  • the percentage of loans sold to Fannie Mae and Freddie Mac by extra-large lenders decreased from 60 percent in 2010 to 49 percent in 2013 while the percentage of loans sold by extra-small lenders increased from 8 percent to 19 percent over the same time period;
  • the 2012 fee increases also substantially reduced the pricing difference between 30-year fixed rate and 15-year fixed rate loans.

The Housing and Economic Recovery Act of 2008 requires FHFA to submit annual reports to Congress on g-fees.  The fees are intended to cover the costs Fannie Mae and Freddie Mac incur for guaranteeing the payment of principal and interest on single-family loans they purchase from mortgage lenders.  Those fees cover projected credit losses from borrower defaults over the life of the loans, administrative costs, and a return on capital.

FHFA published a Request for Input in June 2014 seeking public input on a number of questions related to future guarantee fee policy and implementation.  The input period ended on September 8, 2014, and FHFA is currently in the process of reviewing the submissions.  

Link to Report



The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.6 trillion in funding for the U.S. mortgage markets and financial institutions.


Corinne Russell (202) 649-3032​ / Stefanie Johnson (202) 649-3030 

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