Paragraph 1:
In reaction to the 2021 LLPA changes that have been in place since May 1, twenty-seven states have come together and called for the Federal Housing Finance Agency (FHFA) and the Biden administration to scrap the fee changes. The Lawful Loan Level Price Adjustments (LLPA) fees have a great impact on the mortgagee’s fees and the interest rates they are able to offer borrowers, thereby influencing the success of homeownership.
Paragraph 2:
The implementation of the 2021 LLPA changes has already had a dramatic effect on mortgage originations and on the access to homeownership for all kinds of American families. This coalition of state officials strongly urge all involved bodies to take into consideration the far-reaching consequences that LLPA fee adjustments can have on the housing market, and to take action for the interest of the borrowers.
Key Points:
– LLPA changes were implemented on May 1
– Twenty-seven states have called for the Biden administration and FHFA to scrap these changes
– LLPA fees have a great impact on mortgagees’ fees and interest rates
– Changes have already had a dramatic effect on mortgage originations housing market
– Coalition of officials urge all involved to consider far-reaching consequences and take action for the interest of borrowers
You can read this full article at: https://www.housingwire.com/articles/state-governments-push-to-scrap-the-new-llpa-fee-changes/(subscription required)
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