FHFA Rescinds DTI Fee; Will Study Fee on Higher Credit Borrowers
Yesterday, the FHFA announced the rescission of its proposed fee on borrowers with debt-to-income ratios (DTIs) greater than 40%. That fee had been delayed from May 1st to August 1st, but will no longer be implemented.
The other controversial fee change announced by the FHFA in late January was an increase on borrowers with credit scores over 680 and down payments from 5% to 25%. It was announced today that a request for input (RFI) on those fees will be issued and information gathered from industry, consumers, academics, and private market experts.
NAR appreciates these two changes and the RFI will provide an opportunity to clarify many of the false claims that have been repeated in the media and social media over the last two weeks.
NAR official Statement is posted here.
