Federal change in mortgage fees will make some pay more

LINCOLN, Neb. (KLKN) — The federal government says some changes are coming to the mortgage industry.

A new rule would raise mortgage fees for borrowers with good credit and lower them for higher-risk borrowers.

“It’s not going to impact borrowers directly on the front end on their fees; what it’s going to do is all done on the back end,” said Celsey Pflughaupt with Security First Bank in Lincoln. “But it’s going to affect how lenders price their loans.” 

The federal government says its goal is to boost affordable housing in the U.S.  

Pflughaupt said the idea is to get people more access to the housing market and pump the economy.

She said the total impact for everyone will vary.  

“No one’s loan is going to be the same,” Pflughaupt said.

She said to get the best deals possible, people should shop for lenders. 

Critics say the rule subsidizes homeowners who can’t afford a mortgage in the first place.