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  • Comment Detail

  • Date: 05/18/23
    First Name: John
    Last Name: Woolson
    Email: woolsonjohn@gmail.com
    Organization Type: N/A
    Organization: Guaranteed Rate, Inc.

  • Comment

    With a finance degree and 32 years in the mortgage industry, I am well qualified to comment on this. The additional LLPA fees charged to borrowers with higher credit scores to subsidize those with lower credit scores is an affront to all those that have worked hard and been responsible in paying their bills. The SOLUTION is not to penalize responsible Americans, but to instead educate those less fortunate that haven't had a history of financial education or support. Giving a riskier borrower a better price will not change their habits or history. They will continue to do what they have always done because they were never taught financial literacy. This is a failing of our educational system and the cost should not be borne by those that have an understanding of finances. According to a recent study 70% of lottery winners go broke and file for BK within a few years of winning. Providing give-aways doesn't solve the problem, it just kicks the can down the road and penalizes innocent people. Additionally, if there is a correction in home values - unfortunately these borrowers will be among the first to default and potentially walk away from the home loan.