FHFA cancels LLPA fee increase after industry pushback

Dated: May 12 2023

Views: 309

Following significant pressure from the National Association of Realtors (NAR) and other industry stakeholders, the Federal Housing Finance Agency (FHFA) has rescinded its proposal to increase loan level pricing adjustment (LLPA) fees for borrowers with debt-to-income ratios greater than 40%. The fee was slated to go into effect Aug. 1. NAR previously wrote the FHFA urging it to consider factors like higher credit scores or larger down payments to offset LLPA fees instead of implementing increases that would only raise the borrower's risk of default. The FHFA also announced that it will conduct a request for information on other new fees, such as those imposed on borrowers with higher credit scores and moderate down payments. Read more here.

Source: Housing Wire; 5/10/2023

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Pete McGuinn

Pete McGuinn - Your Trusted RE/MAX Main Line Real Estate Expert With over 22 years of experience as a full-time REALTOR® at RE/MAX Main Line, Pete McGuinn is a distinguished real estate professional....

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