The Federal Housing Finance Agency reversed course Wednesday on a plan to impose new mortgage fees based on a borrower's debt-to-income ratio, but the agency is keeping another new unpopular fee that hits some homebuyers who have higher credit scores.
Homebuyers getting loans through Fannie Mae or Freddie Mac were facing a new fee of 0.375% on Aug. 1 if their house payment and other debts were more than 40% of their monthly gross income. The FHFA said Wednesday it has “rescinded the upfront fees based on borrowers’ [debt-to-income] ratios for loans acquired by Fannie Mae and Freddie Mac.”
“I’m glad to see the FHFA rescind its unworkable changes to debt-to-income ratio-based fees,” said House Financial Services Committee Chairman Patrick McHenry, North Carolina Republican. “Director Thompson should have done the same with FHFA’s changes to the upfront Loan-Level Pricing Adjustment fees that went into effect on May 1st, but she did not. Instead, Congress will now take action to end this tax on creditworthy borrowers.
David Stevens, who served as commissioner of the Federal Housing Administration during the Obama administration, said the fee changes are an attempt “to narrow the gap in access to credit especially for minority home buyers who often have lower down payments and lower credit scores.” “It’s imperative that we continue to push the FHFA to reassess and repeal their other agenda items that hurt credit-worthy borrowers,” Mr. Davidson said.
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