Senate Banking Committee chairman Richard Shelby, R-Ala., is looking into complaints from small lenders that Fannie Mae and Freddie Mac charge them high loan guarantee-fees, while offering discounts to large lenders.At a committee hearing, Sen. Shelby said this business practice places small lenders at a disadvantage and it could be contributing to greater concentration in the industry. "A lot of people are concerned that these business practices may be pushing the mortgage and lending industry toward even more concentration," the chairman said. When asked by reporters if he believes g-fees should be the same for all lenders, Sen. Shelby said, "We will probably explore that some more." Lenders pay g-fees to Fannie and Freddie to securitize loans. The cost is passed on to borrowers.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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