{"id":4277,"date":"2023-05-02T20:30:47","date_gmt":"2023-05-02T20:30:47","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2023\/05\/02\/state-governments-push-to-scrap-the-new-llpa-fee-changes\/"},"modified":"2025-03-13T02:50:56","modified_gmt":"2025-03-13T02:50:56","slug":"state-governments-push-to-scrap-the-new-llpa-fee-changes","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2023\/05\/02\/state-governments-push-to-scrap-the-new-llpa-fee-changes\/","title":{"rendered":"State governments push to scrap the new LLPA fee changes"},"content":{"rendered":"\n

A coalition of fiscal officers from 27 state governments called on the Biden administration and the Federal Housing Finance Agency<\/a><\/strong> (FHFA) to scrap the loan-level pricing adjustment (LLPA) fee changes that went into effect on May 1. <\/p>\n\n\n\n

In a letter<\/a> to President Joe Biden and FHFA Director Sandra Thompson<\/a>, the fiscal officers said the new policy will force homebuyers with good credit to pay more on their mortgage every month. <\/p>\n\n\n\n

“Those who make down payments of 20% or more on their homes will pay the highest fees \u2013 one of the most backward incentives imaginable,” the letter said. <\/p>\n\n\n\n

\n

The increased fees will subsidize higher-risk borrowers by handing out better mortgage rates<\/a> to people with lower credit ratings who have saved less for a down payment, according to the letter. <\/p>\n\n\n\n

In January, the FHFA made a series of significant changes to the LLPA fees charged by Fannie Mae<\/a><\/strong> and Freddie Mac<\/a><\/strong> on conventional\/conforming mortgages, introducing a \u201crevamped\u201d LLPA matrix that differentiates pricing by loan purpose, with grids for purchase loans, limited cash-out refinance loans, cash-out refinance loans and additional LLPAs by loan attribute. <\/p>\n\n\n\n

The LLPA changes make permanent the reduced or eliminated fees for first-time homebuyers and those with low and moderate incomes. The changes also include significantly reduced fees for borrowers with lower credit scores but strong down payments. <\/p>\n\n\n\n

The fee changes were expected to hit borrowers with FICO scores between 720-739 and 740-759 the hardest, resulting in these borrowers paying thousands of dollars more in some cases. <\/p>\n\n\n\n

The most controversial change was the addition of the LLPA tied to a borrower’s debt-to-income ratio, which will charge a fee for borrowers with a DTI at 40% or higher. But following uproar from the industry \u2014 including the Mortgage Bankers Association<\/a><\/strong> (MBA) \u2014 the FHFA has delayed the implementation of the DTI-based LLPAs until August. <\/p>\n\n\n\n

While there’s a gap in access to credit, and while low credit scores are a significant barrier to buying a home, the right way to solve the problem is not to penalize hardworking, middle-class American families by “confiscating their money and using it as a handout,” according to the letter. <\/p>\n\n\n\n

The new policy will be a “disaster” at a time when the real estate<\/a> market already slowed considerably due to high-interest rates \u2014 and it will further depress home sales, fiscal officers said. <\/p>\n\n\n\n

The letter comes after a group of Republican lawmakers in the U.S. House of Representatives<\/strong>, led by Rep. Andy Biggs (R-Ariz.), introduced<\/a> a bill that aims to block changes in the LLPA fees. <\/p>\n\n\n\n

\u201cThe FHFA\u2014led by a President Biden<\/a> appointed director\u2014is punishing financially responsible mortgage borrowers,\u201d Biggs said in a statement. <\/p>\n\n\n\n

\u201cTheir agenda of equity over equality defies common sense and will endanger the stability of the housing market. I hear regularly from constituents about the high cost of housing, which has been exacerbated by the insane interest rates imposed to combat Biden\u2019s skyrocketing inflation.\u201d<\/p>\n\n\n\n

With misinformation spreading about the LLPA changes, Thompson issued a statement<\/a> emphasizing that higher-credit-score borrowers are not being charged more than low-credit-score borrowers. <\/p>\n\n\n\n

“The updated fees, as was true of the prior fees, generally increase as credit<\/a> scores decrease for any given level of down payment,” Thompson said. <\/p>\n\n\n\n

Despite Thompson\u2019s statement, loan officers have been raising concerns that the new changes are keeping middle-income borrowers with high credit scores from homeownership. <\/p>\n\n\n\n

\u201cIf you look at a borrower with a 740 to 750 in FICO score, these borrowers used to not get hit at all on interest rates. There used to be no real adjustments for anybody with a 740 or higher FICO score,\u201d a <\/strong>production manager in Northern California<\/a> said in an interview with HousingWire. <\/strong><\/p>\n\n\n\n

But with the change, a borrower with a credit score of 740 or higher who has a down payment between 15% and 20% would be hit with three-quarters of a point on their loan.<\/p>\n\n\n\n

“So on a $400,000 loan, their loans are getting $3,000 more expensive for borrowers that used to be considered the cream of the crop. So that’s what the real outrage is,\u201d the production manager said. <\/p>\n\n\n\n

However, a borrower with a 660 credit score and a 5% down payment is more likely going to end up with an FHA loan because the rate and mortgage insurance costs are lower, the loan officer explained. <\/p>\n\n\n\n

“So what it’s really doing is basically just placing a tax on borrowers with very, very good credit and people that have done all the right things, they’ve saved some money, they’ve managed the finances<\/a> well enough to have these credit scores in the 720 to 760 range. It\u2019s basically putting a tax on these folks,\u201d the loan officer said. <\/p>\n<\/div><\/div>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Fiscal officers from 27 states are calling on the Biden administration and the FHFA to scrap the LLPA fee changes that went into effect May 1.<\/p>\n","protected":false},"author":39492,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[2729],"class_list":["post-4277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nLLPA fee changes should be scrapped, state governments say<\/title>\n<meta name=\"description\" content=\"Fiscal officers from 27 states are calling on the Biden administration and the FHFA to scrap the LLPA fee changes that went into effect May 1.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtrends.com\/blog\/2023\/05\/02\/state-governments-push-to-scrap-the-new-llpa-fee-changes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State governments push to scrap the new LLPA fee changes\" \/>\n<meta property=\"og:description\" content=\"Fiscal officers from 27 states are calling on the Biden administration and the FHFA to scrap the LLPA fee changes that went into effect May 1.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.realtrends.com\/blog\/2023\/05\/02\/state-governments-push-to-scrap-the-new-llpa-fee-changes\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - 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