Fannie Mae

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Fannie Mae Enhances True Cost Calculator; Version 2.0 Offers New Features to Help Lenders and Borrowers Consider Cost of Mortgage Products Faster WASHINGTON, DC – As consumers decide whether to buy or refinance their mortgages to benefit from the recent drop in interest rates, Fannie Mae (FNM/NYSE), the nation’s largest source of financing for home mortgages, today introduced its newest version of the True Cost CalculatorSM, an online tool that provides a simple way for consumers to consider various mortgage options as they work with their mortgage lender. The newest release of True Cost Calculator 2.0 allows consumers to benefit from a more intuitive design and new features such as the ability to create a file and save multiple loan scenarios for comparison purposes without having to re-enter their data."We are pleased to offer these enhancements to the True Cost Calculator," said David Voth, chief product development officer, Fannie Mae/eBusiness. "With our new web infrastructure, we are able to provide our lender partners with a version of True Cost Calculator that is more powerful, faster, and more reliable. This enables us to offer the new online capabilities, and time-saving efficiencies to the growing number of partners who are linking to the True Cost Calculator."Launched in April 2000 as part of Fannie Mae’s Mortgage Consumer Bill of Rights, the True Cost Calculator helps consumers calculate all the costs of getting a mortgage including interest rate and points, mortgage insurance costs, appraisal fees, title insurance fees, and miscellaneous settlement charges.The True Cost Calculator also allows borrowers to calculate those fees over the full term of the loan or the time they actually plan to hold the loan. By calculating the costs over the period of time the borrower actually plans to hold the loan, the True Cost Calculator can provide a more useful and realistic cost assessment.Through their Web browsers, consumers ca...