Here are two bold changes happening in the mortgage industry!  Feel free to use this message with your clients and your social media.

How did the White House just help about 850,000 homeowners?  This is exciting news for future homeowners being able to afford their homes in this market. Well, we have some exciting news for you!

The White House has just announced a major reduction in mortgage insurance premiums. Starting on March 20th, most new borrowers with Federal Housing Administration-insured mortgages will pay 30 basis points less, saving an average of $800 per year!

This reduction will make homeownership more attainable for 850,000 homebuyers and homeowners in 2023 alone.  And with FHA-insured mortgages, families can begin building wealth through homeownership earlier than they otherwise might. So, don’t wait any longer to get the word out to your customers and partners.  You can help make homeownership dreams a reality.

This next one is important.  You need to be aware of recent changes to mortgage fees in case you missed them. Most new mortgages in the US now fall under the new Loan Level Price Adjustments (LLPAs) mandated by Fannie Mae and Freddie Mac. Beginning on May 1st, 2023, these modifications will be in force.  And while these changes will be in effect on May 1st, 2023, many lenders will start enforcing sooner rather than later.

What do the modifications signify to your customers? In a nutshell, the cost of having a credit score below 680 has decreased. But, those with better credit will often pay a little bit more than they would under the prior system. Your customers will want an explanation for this and it’s important for you to have an explanation as it is vital because there are numerous more modifications that are not readily comprehensible to the normal consumer.