FHFA Sends Notice of G-fee Increases for 5 States
On Sept. 20, 2012, the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs)) sent a notice to the Federal Register announcing a revised approach to guarantee fee (g-fees) charges.
Under the new approach, higher g-fees would be charged in states that FHFA has determined have exceptionally high foreclosure costs.
In the notice, FHFA identified five states that would be immediately affected: Illinois, Florida, Connecticut, New Jersey, and New York. Additionally, FHFA stated that the approach could be modified to take into account other factors including state laws on the disposition of REO assets. NAR is analyzing the new approach and will provide comments to FHFA.
Comments are due 60 days from publication in the Federal Register.