In 2022, Fannie Mae and Freddie Mac waived a portion of their guarantee fees for mortgages to lower-income first-time homebuyers in order to reduce barriers to homeownership. We estimate that private intermediary mortgage lenders, on average, capture nearly half the value of the fee waiver rather than fully passing these waivers through to homebuyers. Moreover, despite Federal regulation prohibiting loan officers from benefiting financially from interest rate markups, we document significant variation across loan officers in pass-through of the waivers, consistent with loan officers continuing to have incentives and market power to charge higher prices. In particular, we find that loan officers with a track record of originating expensive mortgages pass through only a fraction of GSE fee waivers to borrowers.