POLL: Do You Support the Biden Administration's Mortgage Rule?

Yesterday, the Biden Administration's new mortgage rule went into effect. Under this rule, borrowers with lower credit scores will qualify for lower mortgage rates by subsidizing homebuyers with good credit to pay higher fees. A recent analysis from Bankrate showed that someone with a below average credit score of 640 seeking a $350,000 mortgage with a 20% down paid $10,500 in fees before the new regulations. Now, they will pay $7,875. However, a potential homebuyer with a 740 credit score seeking a $350,000 mortgage with a 20% down paid $1,750 in fees before the new rule, but will now pay $3,062.

I want to hear your thoughts on this important issue. Click below to take this survey.

Are you for or against the Biden Administration’s new mortgage rule?

I am against the Biden Administration’s new mortgage rule.

I support the Biden Administration's new mortgage rule.

Indifferent/Unsure

Are you concerned about the new mortgage rule negatively impacting you or someone you know looking to purchase a new home?

Yes

Indifferent/Unsure

Would you be in support of legislation from Congress that would block the Biden Administration’s new mortgage rule?

Yes, I would support legislation that would block the Biden Administration from imposing higher fees on mortgage borrowers with good credit.

No, I would not support legislation that would block the Biden Administration from imposing higher fees on mortgage borrowers with good credit.

Indifferent/Unsure

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