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The FHFA Friday released the results of its internal report on guarantee fees, or g-fees, charged by Fannie Mae and Freddie Mac. As a result of the review, which started in June 2014, the FHFA has concluded the structure of g-fees should remain largely unchanged.

The FHFA recommended minor "targeted increases in guarantee fees to address various risk-based and access-to-credit considerations." The agency said the "modest changes" would be "roughly revenue neutral" for the GSEs, and would amount to "little or no change for most borrowers."

Among the other announced changes is the elimination of the 25-basis-point adverse market fee charged on loans. This fee first went into effect in 2008 in response to the national housing crisis.

Fannie Mae and Freddie Mac have been under the FHFA's conservatorship since 2008. FHFA will implement these announced changes by directing the GSEs to change the manner in which they charge g-fees by either reducing, maintaining, or increasing costs for different categories of loans in their portfolios.

GSEs, specifically Fannie Mae and Freddie Mac, are an important liquidity source for credit union mortgages. NAFCU continues to advocate for housing reform that guarantees credit unions access to the secondary mortgage market, and sets fair prices based on loan quality rather than volume. NAFCU has also consistently urged the FHFA against raising g-fees since such a move could increase borrower costs and decrease lending activity.