Did you hear that sound? That’s the entire mortgage industry shouting, “hip, hip hooray!” The Federal Housing Finance Agency (FHFA) on Wednesday announced that it would rescind a controversial loan-level pricing adjustment (LLPA) for conventional borrowers with debt-to-income (DTI) levels at or above 40%.
The FHFA, which regulates Fannie Mae and Freddie Mac, had previously delayed implementation of the DTI LLPA until August following a chorus of upset from mortgage industry stakeholders, including the influential details ⇒
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