FHFA and Biden Administration Cancel Controversial Mortgage Fees for Homebuyers.

The FHFA has canceled its plan to change a mortgage fee for people with certain debt-to-income ratios, which would have been levied on certain borrowers with DTI ratios above 40%. The fee was supposed to go into effect on May 1, with other changes based on credit score and loan size. The cancellation of the fee is a relief for many borrowers, as it would have hurt future mortgage borrowers. However, fee changes based on credit scores and down payment sizes went into effect on May 1, resulting in some people with high credit scores paying more than they would have prior to May 1.