The narrowing gap between what large and small lenders pay in guarantee fees to Fannie Mae and Freddie Mac has helped the industry's smallest originators grow their share of mortgages sold to the government-sponsored enterprises.

G-fees on Fannie and Freddie loans have increased 250% since 2009, with fees averaging 58 basis points in 2014, up from an average of 22 basis points in 2009, according to a new report by the Federal Housing Finance Agency. But during that period, the gap between what small lenders paid in G-fees compared to larger lenders has swung to the point where the pricing advantage is now on the small lender side.

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