A Financial Institution (FI) originates a pool of 500 30-year mortgages, each averaging $150,000 with an annual mortgage coupon rate of 8 percent. Assume that the entire mortgage portfolio is securitized to be sold as GNMA pass-throughs. The GNMA credit risk insurance fee is 6 basis points, and the FI's servicing fee is 19 basis points. Assume no prepayments.

What are the expected monthly cash flows (fees) for the GNMA?

$2,947.83

$4,527.72

$13,014.25

$3,123.42

$8,973.62