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Following comments made by Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria at NAFCU's Congressional Caucus last week, the association's Government Affairs team has learned that the agency issued a directive to ensure the government-sponsored enterprises' (GSEs) end the practice of volume-based pricing discounts.

"Fair pricing based on loan quality rather than quantity is a key component of NAFCU's housing finance reform principles, and we appreciate Dr. Calabria and the FHFA acknowledging the importance of ensuring this continues once Fannie Mae and Freddie Mac are removed from conservatorship," said NAFCU President and CEO Dan Berger. "Credit unions need access to liquidity, and consumers need access to affordable mortgages. This directive ensures this will continue."

NAFCU has long advocated for credit unions' unfettered access to the secondary mortgage market with fair pricing. The association has shared this principle – and many more – with Calabria and others involved in housing finance reform several times.

At Caucus, Calabria discussed the FHFA's efforts during the GSEs' conservatorship to ensure uniform pricing and avoid practices of volume-based pricing discounts that were in place leading up to the housing crisis. He advocated that these pricing safeguards stay in place to level the playing field for small lenders.

The Treasury Department and Department of Housing and Urban Development recently released their housing finance reform plans. NAFCU will continue to advocate that credit unions' priorities are included in any final reform.