Federal Issues
NAR Sends Letter to Director of the FHFA Sandra Thompson Regarding the Recent LLPA Changes
May 11, 2023
As you may know, on May 1, 2023 pricing changes went into effect from the Federal Housing Finance Agency (FHFA) to Fannie Mae and Freddie Mac (the Enterprises) to raise upfront fees paid by some homebuyers known as loan level pricing adjustments (LLPAs). While NAR supports the FHFA’s efforts to improve the fee setting processes at the Enterprises and to maintain safety and soundness, the association strongly believes that some of the changes run counter to the Enterprises’ charter duties and should be eliminated.
In the letter NAR:
- Expressed appreciation for the FHFA's efforts to reform this critical piece of the finance system, and for reducing fees on some borrowers
- Raised concerns for borrowers facing high rates
- Points to excess capital and ROE in the fee structure of Fannie Mae and Freddie Mac
- Urges the FHFA to eliminate the fee increases
About the ARA Market Brief
The Atlanta REALTORS® (ARA Market Brief is compiled by First Multiple Listing Service (FMLS) and provides the only regionally focused synopsis of monthly sales and home prices for single-family residential properties. The Market Brief covers the following 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding, and Rockdale.
The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Association at 404.250.0051.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Atlanta REALTORS® Association
The Atlanta REALTORS® Association (ARA) has been an instrumental factor in the growth of real estate in the state of Georgia for more than a century. With over 14,000 members, Atlanta is the largest association in Georgia and is considered to be one of the strongest and most successful REALTOR® organizations in the nation. ARA serves as a central source of information for its members, mainly focusing on real estate education, the promotion of professionalism in the industry, and representing REALTORS® members with legislative initiatives to create positive change for the real estate community.
About First Multiple Listing Service
First Multiple Listing Service (FMLS) is the premier data services provider for real estate professionals in Georgia. FMLS was founded in 1957 by a group of Brokers who wanted to share their listings and connect buyers and sellers. Today FMLS is the largest MLS in Georgia & the 4th largest MLS in the United States, serving nearly 54,000 real estate Agents & Brokers. For additional information or to start a discussion about how to partner with FMLS please contact join@fmls.com.