{"id":102819,"date":"2023-05-20T14:55:11","date_gmt":"2023-05-20T18:55:11","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=102819"},"modified":"2023-05-20T15:25:52","modified_gmt":"2023-05-20T19:25:52","slug":"new-mortgage-fees","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/new-mortgage-fees\/","title":{"rendered":"How the New Mortgage Fees Will Affect Homebuyers"},"content":{"rendered":"\n<p>How have mortgage fees changed? How will the new mortgage fees affect you? Why has the new framework come under scrutiny? <\/p>\n\n\n\n<p>As of May 1, US homebuyers may pay a little more or a little less in mortgage fees depending on their credit score\u2014and a lot of people are unhappy about the news. New mortgage fee adjustments have stirred up a controversy and put the agency responsible for the changes on the defensive.\u00a0<\/p>\n\n\n\n<p>Read on to learn about the new framework, including who the mortgage fee adjustments apply to.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">What to Know About the New Mortgage Fees<\/h2>\n\n\n\n<p>If you\u2019re in the market for a new home in the US, starting this month you may pay a little more or a little less in mortgage fees depending on your credit score\u2014and you might be surprised at which scores lead to lower fees.&nbsp;What\u2019s behind these new mortgage fees? Which Americans will pay higher and lower fees? Who opposes and supports the fee changes\u2014and why? We\u2019ll examine experts\u2019 views on these questions.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-who-do-the-new-fees-apply-to\">Who Do the New Fees Apply To?<\/h3>\n\n\n\n<p>The new mortgage fees apply to <a href=\"https:\/\/www.usatoday.com\/story\/money\/personalfinance\/2023\/04\/23\/mortgage-fee-structure-change-may-2023\/11713841002\/\" target=\"_blank\" rel=\"noreferrer noopener\">anyone with a Fannie Mae or Freddie Mac loan<\/a>, regardless of lender.&nbsp;<\/p>\n\n\n\n<p>Fannie Mae and Freddie Mac are home <a href=\"https:\/\/www.fhfa.gov\/about-fannie-mae-freddie-mac\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage companies created by the US Congress<\/a> in 1938 and 1970, respectively, to provide liquidity (access to funds) to banks, savings and loans, and mortgage companies that give out loans to finance housing. They\u2019re regulated by the <a href=\"https:\/\/www.youtube.com\/watch?v=cm2N2tf7jzU\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Housing Finance Agency (FHFA<\/a>)\u2014a privately held, quasi-governmental entity called a Government Sponsored Enterprise (GSE).&nbsp;<\/p>\n\n\n\n<p>Fannie and Freddie\u2019s share of the mortgage market made up close to 60% of all new mortgages during the pandemic.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-s-the-new-fee-framework\">What\u2019s the New Fee Framework?&nbsp;<\/h3>\n\n\n\n<p>FHFA\u2019s new structure adjusts <a href=\"https:\/\/www.snopes.com\/news\/2023\/04\/28\/biden-mortgage-fees\/\" target=\"_blank\" rel=\"noreferrer noopener\">upfront fees<\/a>\u2014costs that homebuyers pay when they close on a property. The fees are assessed based on borrowers\u2019 \u201crisk characteristics,\u201d including credit scores and down payments. Under the new mortgage fee framework:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Many Americans with higher credit scores or large down payments will see fees fall or stay flat\u2014but <\/strong><a href=\"https:\/\/www.cnet.com\/personal-finance\/mortgages\/mortgage-fees-are-changing-on-may-1-what-it-means-for-homebuyers\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>some will pay higher fees<\/strong><\/a>. However, these borrowers will still <a href=\"https:\/\/www.nytimes.com\/2023\/05\/07\/your-money\/mortgage-fees-credit-score-rules.html\" target=\"_blank\" rel=\"noreferrer noopener\">pay less<\/a> than people with lower credit scores.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Americans with lower credit scores will <\/strong><a href=\"https:\/\/www.usatoday.com\/story\/money\/personalfinance\/2023\/04\/23\/mortgage-fee-structure-change-may-2023\/11713841002\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>pay less on fees<\/strong><\/a><strong> than before May but still pay higher fees than borrowers with higher credit scores<\/strong>.<ul><li>Borrowers with credit scores over 780 <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/05\/02\/bidens-mortgage-socialism-right-claims-new-policy-pushes-higher-fees-to-americans-with-better-credit-but-thats-not-really-true\/?sh=d2d0f1250778\" target=\"_blank\" rel=\"noreferrer noopener\">currently pay a 0.4% fee<\/a> for loans worth 75% to 80% of the home price, while those with credit scores below 640 pay a 2.8% fee on the same mortgage.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-fee-adjustment-plan-critiques\">Fee Adjustment Plan Critiques<\/h3>\n\n\n\n<p>Some housing finance experts and Republican leaders have pushed back on the FHFA\u2019s new mortgage fee adjustment plan.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/predatorylending.duke.edu\/histories\/david-stevens\/\" target=\"_blank\" rel=\"noreferrer noopener\">David Stevens<\/a>, former Mortgage Bankers Association CEO and Obama administration FHFA commissioner, says he <a href=\"https:\/\/video.foxbusiness.com\/v\/6325457958112\" target=\"_blank\" rel=\"noreferrer noopener\">supports the FHFA director\u2019s goal of bringing first-time homebuyers<\/a> into the market, but he disagrees with the unprecedented move to raise fees on borrowers with higher credit scores to (he says) compensate for the loss of income the FHFA will experience from lowering fees for borrowers with lower credit scores. He argues that the agency shouldn\u2019t change the risk-based pricing used since Fannie Mae and Freddie Mac\u2019s inception, and instead explore alternate strategies to level the playing field for first-time homebuyers.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>In May, elected and high-level Republican officials <a href=\"https:\/\/twitter.com\/RepLoudermilk\/status\/1653368816003346432?s=20\" target=\"_blank\" rel=\"noreferrer noopener\">tweeted<\/a> and sent a <a href=\"https:\/\/first-heritage-foundation.s3.amazonaws.com\/live_files\/2023\/05\/2023-Biden-Mortgage-Letter67.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">letter<\/a> to President Biden about the fee adjustment policy, alternately<strong> <\/strong>calling it \u201can abuse of power by the Biden Administration\u201d and \u201ca middle-class tax hike\u201d to subsidize high-risk borrowers. <a href=\"https:\/\/www.snopes.com\/news\/2023\/04\/28\/biden-mortgage-fees\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>No evidence<\/strong><\/a><strong> exists that the President or White House has pushed for or supported the changes.<\/strong><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>A number of experts assert that <strong>the FHFA\u2019s fee adjustments <\/strong><a href=\"https:\/\/www.nytimes.com\/2023\/05\/07\/your-money\/mortgage-fees-credit-score-rules.html\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>aren\u2019t significant enough to meaningfully improve first-time homeowners\u2019 market access<\/strong><\/a>. They argue that the Federal Housing Administration is better positioned to offer pricing that will help these borrowers than FHFA.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-fhfa-s-response\">FHFA\u2019s Response&nbsp;<\/h3>\n\n\n\n<p>FHFA Director Sandra Thompson contends that <strong>the fee adjustment plan is fair<\/strong>:<strong>&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>FHFA is not charging borrowers with higher credit scores higher fees <\/strong><a href=\"https:\/\/www.fhfa.gov\/Media\/PublicAffairs\/Pages\/Statement-from-FHFA-Director-Sandra-Thompson-on-Mortgage-Pricing.aspx\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>to compensate<\/strong><\/a><strong> for borrowers with lower credit scores<\/strong>.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Fees for many borrowers with higher credit scores or larger down payments will decrease or remain the same.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>The new mortgage fee structure doesn\u2019t incentivize borrowers to make lower down payments in pursuit of lower fees<\/strong>. In fact, borrowers with down payments of less than 20% of the home&#8217;s value have to pay for mortgage insurance\u2014a cost added to fees that Fannie and Freddie charge when considering borrowers\u2019 total costs. As a result, people with lower credit scores <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/05\/02\/bidens-mortgage-socialism-right-claims-new-policy-pushes-higher-fees-to-americans-with-better-credit-but-thats-not-really-true\/?sh=d2d0f1250778\" target=\"_blank\" rel=\"noreferrer noopener\">will continue to pay higher fees<\/a> than those with higher scores\u2014<strong>they\u2019ll just be penalized less than they were before May.<\/strong>&nbsp;<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>How have mortgage fees changed? How will the new mortgage fees affect you? Why has the new framework come under scrutiny? As of May 1, US homebuyers may pay a little more or a little less in mortgage fees depending on their credit score\u2014and a lot of people are unhappy about the news. New mortgage fee adjustments have stirred up a controversy and put the agency responsible for the changes on the defensive.\u00a0 Read on to learn about the new framework, including who the mortgage fee adjustments apply to.<\/p>\n","protected":false},"author":19,"featured_media":70580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,31,24],"tags":[727],"class_list":["post-102819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-money","category-society","tag-articles","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How the New Mortgage Fees Will Affect Homebuyers - Shortform Books<\/title>\n<meta name=\"description\" content=\"Who will be impacted by new mortgage fees? Gain experts&#039; insights to learn how your credit score might impact what you pay in mortgage fees.\" \/>\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.shortform.com\/blog\/new-mortgage-fees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the New Mortgage Fees Will Affect Homebuyers\" \/>\n<meta property=\"og:description\" content=\"Who will be impacted by new mortgage fees? Gain experts&#039; insights to learn how your credit score might impact what you pay in mortgage fees.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shortform.com\/blog\/new-mortgage-fees\/\" \/>\n<meta property=\"og:site_name\" content=\"Shortform Books\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-20T18:55:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-20T19:25:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.amazonaws.com\/wordpress.shortform.com\/blog\/wp-content\/uploads\/2022\/07\/key-in-lock-house-door-real-estate.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emily Kitazawa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emily Kitazawa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.shortform.com\/blog\/new-mortgage-fees\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/new-mortgage-fees\/\"},\"author\":{\"name\":\"Emily Kitazawa\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/e094024454c7d3334a149c0cf039bdeb\"},\"headline\":\"How the New Mortgage Fees Will Affect Homebuyers\",\"datePublished\":\"2023-05-20T18:55:11+00:00\",\"dateModified\":\"2023-05-20T19:25:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/new-mortgage-fees\/\"},\"wordCount\":788,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/new-mortgage-fees\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2022\/07\/key-in-lock-house-door-real-estate.jpg\",\"keywords\":[\"Articles\"],\"articleSection\":[\"Business\",\"Money\",\"Society\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.shortform.com\/blog\/new-mortgage-fees\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shortform.com\/blog\/new-mortgage-fees\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/new-mortgage-fees\/\",\"name\":\"How the New Mortgage Fees Will Affect Homebuyers - Shortform Books\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/new-mortgage-fees\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/new-mortgage-fees\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2022\/07\/key-in-lock-house-door-real-estate.jpg\",\"datePublished\":\"2023-05-20T18:55:11+00:00\",\"dateModified\":\"2023-05-20T19:25:52+00:00\",\"description\":\"Who will be impacted by new mortgage fees? 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