Fannie Mae and Freddie Mac will start collecting new, higher, guarantee fees on April 1, 2012. That means mortgages fees to consumers will be .3-.4% higher than before. For a $200,000.00 loan, that translates into an additional $600.00-$800.00 dollars in fees.
The reason for the increase is that it is taking longer for lenders to deliver their loans to the secondary market. From application, processing, underwriting, closing, funding, and post closing audits, its now taking up to 75 days for delivery to Fannie Mae or Freddie Mac. These hikes are a way to cover the cost of the additional delivery times.
Even though the deadline for the rollout is April 1st, expect lenders to start adding these fees to rate sheets, beginning in late January.
If you are a consumer, get your application in now, and rate locked. If you are a Loan Officer, you will want to share this information with your clients, and advise them to lock in their rates today, before the fee hike. It will save you time explaining after the fact, and your clients will save money as well.