In recent news, mortgage rates have been increasing, causing concerns for many borrowers. Last week, we addressed the loan level pricing adjustments and how they come into play. Today, we want to provide a political update on the issue and encourage you to get involved in making your voice heard.
Twenty-seven states have submitted a letter to appropriate agencies in the Biden Administration, expressing their concerns about the increasing mortgage rates. These states argue that it’s unfair to charge people with good credit more and people with lower credit less, essentially skimming fees from high credit borrowers.
How to Get Involved:
Don’t be afraid to contact your Congressional Representative. You can find their contact information on their website and fill out a form to voice your concerns. We’ve provided a template below for you to use, urging Congress to address the already high mortgage rates, which are hurting the housing market.
It only takes five minutes to make your voice heard. Get active and ensure your concerns are being addressed. This issue affects borrowers, and it’s important that we don’t let it go unchallenged. With 27 states already pushing for change, let’s build on this momentum and help repeal these unfair practices.
While we’re on the topic of contacting Congress, let’s also address trigger leads. These leads can result in clients being called 50 or 60 times every time they apply for a new mortgage, making the experience stressful and annoying. Your privacy and your clients’ privacy matter, and applying for credit should be a private matter.
Stopping Unethical Practices:
While we don’t want to hinder competition, we do want to stop the shady and unethical practices happening in the industry. Encourage your representatives to support the bill being introduced in Congress to protect consumers from these unfair practices.
If you have any questions or need assistance, feel free to contact us. Thank you for tuning in to our weekly mortgage minutes, and we’ll see you again next week.
As mortgage rates continue to increase, it’s crucial to make your voice heard and push for change. By contacting your representatives and supporting the bills being introduced, you can play a part in ensuring a fair housing market for all.
Find your rep: https://www.house.gov/representatives/find-your-representative
Interest Rate: https://swifthomemortgage.com/llpa/
Trigger Leads: https://swifthomemortgage.com/trigger/
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