Mortgage Industry News

Higher Mortgage Fees for Good Credit Homebuyers Under New Federal Rule

Changes in the mortgage industry will result in some people with higher credit scores paying higher fees while those with lower scores will pay less, starting May 1. The changes are part of the federal government's effort to provide equitable access to homeownership. The fees that lenders pay back to federal programs that back the mortgages are the reason for the changes. It will make it more expensive for borrowers to refinance and to pull equity out of their homes to pay off consumer debt.