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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