YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Missouri Gov. Mike Parson has joined with 17 other Republican governors in opposing the Biden administration’s changes to mortgage fees.
The changes impact loan-level price adjustment fees. The move by the Biden administration is meant to cause those with a low risk of default to pay less than those at a higher risk. However, it can cause higher fees for low-risk borrowers in some cases.
“In short, the new LLPA framework will inevitably increase mortgage costs for lower-risk individuals and handicap those borrowers with larger down payments,” the governors said in a letter to the Biden administration. “Further, the changes provide no incentive to borrowers to maintain good credit and will confuse borrowers at all credit levels.”
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Please refrain from placing your personal thoughts (whether intended or simply ingrained due to life experiences/political bent etc.) into articles. The truth of the matter is that MANY low-risk individuals are indeed being hit with increased "borrowing costs" due to the "risk" of lower qualified individuals NOT PAYING their true cost of risk (which is TOTALLY based upon their own economic performance). Regardless of "what was INTENDED" (based on the words of the administration) in the "law" (executive order), it actually DOES the opposite in most cases.