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Ask Cassandra – What are the fee changes on mortgages on May 1, 2023?

May 2, 2023

Q: Hi CassandraI’ve been watching the news and I am hearing about changes to fees on mortgages in regard to my credit score. What are those changes and what are my options?

A: Anyone in the market to purchase a home has seen the headlines regarding higher mortgage fees for well-qualified borrowers – Mortgage fee structure change will arrive May 1: Here’s what to know (usatoday.com) – there are many different loan options and in many cases these changes may not affect borrowers.

When articles are referencing changes in LLPAs (loan-level pricing adjustments) they are referring to fees that are either paid up-front or built into a mortgage rate. The new structure would increase the fees by $375 for a well-qualified borrower with a 740-759 score and 20% down. The $375 is the fee on a loan amount of $100,000, this would increase to $750 on a loan for $200,000.

However, we have other options for well-qualified borrowers that do not require us to use only the Fannie Mae and Freddie Mac guidelines. Contact me and I would be happy to go over any questions that you have in regards to mortgages.

Cassandra Roman Mortgage Loan Officer

Cassandra Roman

Mortgage Loan Officer, AVP
OC Federal Credit Union

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