Two top wholesale lenders are up in arms as a result of charges on loans sold to the government-sponsored enterprises (GSEs) arising from a recession-era idea that those loans are riskier.
The lenders, Homepoint and United Wholesale Mortgage, say Fannie Mae and Freddie Mac started tacking on an extra charge for third-party originated, or wholesale, loans in mid-2021. The amount paid by wholesale lenders has now reached at least $279 million, according to an analysis provided by Homepoint, at a time when rising mortgage rates are already shrinking lender profits.
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