Comment Detail
Date: 08/14/23 First Name: Tim Last Name: Galligan Email: tim.galligan@dkmortgage.com Organization Type: N/A Organization: Draper & Kramer Mortgage Comment
30yr Mortgage industry vet and I'm all about assisting 1st time and Low to Mod income homebuyers, but not at the expense of more proven and credit worthy home owners/borrowers. The recent increases in LLPA's do not reflect added risk appropriately. Credit scores over 740 or 750 or even 760, are basically "perfect" credit, and should be priced as such. I find it interesting that there were never any statistics regarding loan defaults or foreclosures to accompany these increased (or decreased) risk factors. I highly doubt defaults are up on investment properties and/or 2nd homes the last few years, and yet those rates/fee's have been increased tremendously. Borrowers with proven borrowing history, 740 credit, and 10% down, should not have to subsidize a 1st time homebuyer with 680 credit and 5% down. That is not fair, nor is it the proper analysis of risk. Thanks, Tim Galligan
And thanks for removing the DTI risk premium as most all single borrower 1st homebuyers have debt ratio's over 40%.
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