NAR Urges Congress to Reconsider New Mortgage Fees

Issue Date: May 17, 2023

118th Congress

House Committee on Financial Services

On May 17 NAR’s president, Kenny Parcel, testified before the House Financial Services Housing and Insurance Subcommittee for the hearing titled, “The Current Mortgage Market: Undermining Housing Affordability With Politics.” In his testimony Mr. Parcel made the case against unnecessary fees on home buyers at a challenging time for affordability. The Federal Housing Finance Agency’s new loan-level pricing adjustments (LLPAs), which levy a larger fee on borrowers with fair to good credit profiles, are unnecessary and confusing. Home buyers already face a lack of affordability and supply in the current market, and the LLPAs only add more undue financial pressure to those pursuing the American Dream.