Fannie trades cash, fee cut for float. (Federal National Mortgage Association) From: ABA Banking Journal | Date: January 1, 1992 | COPYRIGHT 1992 Simmons-Boardman Publishing Corporation. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright information

Fannie trades cash, fee cut for float

Mortgage prepayments can be turned to the advantage of institutions selling loans to the Federal National Mortgage Association under the organization's "MBS Express" program.

Under the new program, lenders commit themselves up front to sending unscheduled principal payments to Fannie Mae earlier than they would under a standard mortgage-backed security contract. Prepayments generally arise when a loan is paid off early - typically, when someone has sold their home to move elsewhere - or when homeowners make an extra principal payment to ...

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