Comment Detail
Date: 05/18/23 First Name: Kevin Last Name: Schatz Email: kevin.schatz@rate.com Organization Type: other Organization: Guaranteed Rate Comment
The additional LLPA fees charged to borrowers with higher credit scores to subsidize those with lower credit scores seems to be penalizing those that have worked hard and been responsible in paying their bills. The solution is not to charge higher fees to responsible Americans, but to instead educate those that have bruised FICO scores do to impact of credit history. We should give a reduction of LLPA for those that take and complete a class on educating them on financial literacy. Increasing the fees for borrowers that have done their due diligence to maintain their good credit is not a solution. This is a failing of our educational system and the cost should not be borne by those that have an understanding of finances.
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