In January 2023, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to change their loan level pricing adjustments (LLPAs) by May 1. Those LLPAs are upfront fees that Fannie Mae and Freddie Mac charge individual borrowers based on their credit score, down payment, and other risk factors.
NAR is opposed to these changes and continues to share its concerns with the FHFA. Read how these changes affect borrowers and why NAR has taken this position.
Penalizing those with good credit scores is a bad move. Thanks to NAR for fighting against this.
This exposes the abrogation of the duties and responsibilities of the Congress. An administrative entity is created and basically has the ability to write rules and charge fees that have the force of law, when they do not have the authority under the Constitution to do so. The bigger issue here, but not to mention the transfer or taking of money from citizens only to distribute to whomever they choose. Once again not in their power to do. Did we learn nothing from 2008?
We don’t need an increase in fees when interest rates continue to rise!
I think the Federal program has engineered a specific design to divert another bank crash during the Bush administration. After all, look what the FLIPPERS done to neighborhoods of affordable living originally built for church going families, their kids playing with neighbor kids and see them at their school, parents work close by and save enough money for their kids education. Now currently, we see FLIPPERS get organized to make profits over family life. Can kids right out of high school work to support a $300k home, especially with a wife and 2 or 3 kids? Go figure! Economy is… Read more »
I believe penalizing people who have made an effort to have good credit to benefit those who have not, is certainly NOT the American Way. I find it reprehensible that it is even suggested.