Freddie Mac 2015 Annual Report Download - page 66
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Management's Discussion and Analysis Our Business Segments | Multifamily
Freddie Mac 2015 Form 10-K 64
Management and Guarantee Fees
Average Management and Guarantee Fee
Rate Charged on New K Certificates for the
Year Ended December 31,
Average Portfolio Management and
Guarantee Fee Rate as of December 31,
Commentary
• The guarantee portfolio increased in 2015 as a result of our ongoing issuance of K Certificates.
• The average management and guarantee fee rate on both the overall guarantee portfolio and on
newly issued K Certificates increased in 2015, primarily as a result of increased securitizations of
products for which we charge higher fees. We expect the average management and guarantee fee
rate charged for new K Certificate issuances in 2016 to be consistent with the rates in 2015.