Upfront fees will decline for most low-income borrowers, but will increase for some middle-income homebuyers. The result is more cross-subsidy for the GSEs’ mission-based activities.

Trade groups say small and mid-sized independent mortgage bankers don’t need more federal supervision because they pose no systemic risk.

Fannie and Freddie will soon be able to purchase mortgage loans in excess of $1 million.

The Federal Housing Finance Agency will eliminate certain upfront loan-level price adjustments while implementing “targeted” increases for most cash-out refinance transactions. The agency also approved two new credit scoring models for Fannie and Freddie.

Despite a tough economic environment, FHA Commissioner Julia Gordon believes the administration is “making progress” to expand access to credit.

The private pow-wow revealed broad agreement between government, industry and advocacy groups on how to deal with the nation’s affordable housing shortage.

Lenders say the 15-bp surcharge on broker loans penalizes low- and moderate-income borrowers and flies in the face of the principle of the level playing field.

The Federal Housing Finance Agency’s analysis of the Federal Home Loan Bank system includes a review of eligibility requirements for membership.

The GSEs will now focus on the percentage of multifamily units that meet affordability standards rather than the actual number.

Fannie Mae will allow downpayment assistance supported by lender-funded grants.