Estimated reading time: 0 minutes, 28 seconds

Government-Backed Mortgage Fee Changes Take Effect

Adjustments to the upfront fees on mortgage loans guaranteed by Fannie Mae and Freddie Mac take effect May 1. So reports CBS News.

Fannie Mae2 150x150The changes, involving Loan Level Price Adjustments, generally mean that fees will go down for borrowers with lower credit scores and rise for borrowers with higher credit scores.

Calling a backlash against the changes “a fundamental misunderstanding,” Sandra Thompson, director of the Federal Housing Finance Association, said in a news release, “Higher-credit-score borrowers are not being charged more so that lower-credit-score borrowers can pay less.”

Read the full article from CBS News.

Read 850 times
Rate this item
(0 votes)

FOLLOW US

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.