Carrington Wholesale Lending

New Pricing Structure Changes Starting Immediately

September 13, 2012Company News

The Federal Housing Finance Agency (FHFA) recently directed Fannie Mae and Freddie Mac to increase loan guarantee fees (g-fee) that are charged. As a result, Carrington Mortgage Services will implement a change to our pricing structure for all Conforming Conventional (including High Balance products) loans.

Timing for implementation:

  • Effective immediately, new 45 and 60 day locks will have the new increased fee built into the base pricing.
  • On Sunday, September 16th , the 30 day base pricing will reflect the new fee increase.
  • On Monday, October 1st, the 15 day base pricing will reflect the new fee increase.
  • Any Conventional Conforming loans (Fannie Mae or Freddie Mac product) that are locked on or before September 16 that need to extend beyond Tuesday, October 16th to fund, will be subject to an additional 50 basis point price adjustment over and above normal extension costs. This applies to all relocks and all other extension scenarios.
  • All other extension costs for loans locked on or after Monday, October 1st will be subject to the current extension fees as listed on the daily rate sheet.

Carrington Mortgage Services will monitor the pipeline and reserves the right to assess the correct extension fees where applicable.

Please direct any questions to your Account Executive.

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