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Member
Posts: 20
Registered: ‎08-18-2011
0

New Fees/Laws for 2012

Maybe I am going insane, but the other day I was reading a news story on my phone about new laws for 2012 and one of the federal ones I read had something to do with new government fees or tax or insurance or something on all loans through FHA, Freddie Mac and Fannie Mae which it said was 90% of all mortgages out there.  I recall that the fees would equal around $17 for every 200k in loan and was effective 1/1/12

 

I have not seen anything since  --any one know anything about this?

 

I am concerned that since my loan has STILL not closed (see other frustrated thread LOL) that now my payment is going to go up.  Our loan is 460 so that is around $40 more a month!  And since they told us our DTI ratio was really close -- such that an estimated increase of payment on a student loan (which is in deferment) of $20 could disqualify us, now I wonder if we are suddenly going to have an issue cause of the delay.

 

Anyone with info/insight? 

Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
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Re: New Fees/Laws for 2012

I am in the business..... and don't know anything about it.

 

maybe it was 'proposed' in congress or something.

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009
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Re: New Fees/Laws for 2012

Didn't they add something when they extended FHA loan limits back up to the higher levels.  I don't know if that only applied to the higher loan limits, but I thought they added a fee to help cover the costs of those loans.


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Valued Contributor
Posts: 1,194
Registered: ‎10-31-2011
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Re: New Fees/Laws for 2012

I'll avoid any discussion of politics, but this was part of the 2 month extension of unemployment benefits and reduction in FICA withholding passed just before Christmas.

 

House GOP agrees to 2-month extension of payroll tax cut:

 

Under the agreement, benefits for the long-term unemployed will also be extended for two months and scheduled cuts in reimbursements to doctors who serve Medicare patients will be postponed. The $33 billion package will be funded by increasing the fees that Fannie Mae and Freddie Mac charge lenders for guaranteeing home loans.

Member
Posts: 20
Registered: ‎08-18-2011
0

Re: New Fees/Laws for 2012

I found the info -- it is an increase in the government guarantee fees in order to fund the payroll tax extension  and is estiamted to be an increase of about $10 for every $100k

 

Fortunatley for us-- if I am reading these right, since we locked our loan before 1/1/12 then this will not apply to us.

 

http://themortgagereports.com/7420/payroll-tax-mortgage-funding-fees-fha

 

http://www.refiadvisor.com/pblog/mortgage-news/your-mortgage-fees-are-going-up-in-2012/

 

http://www.lender411.com/mortgage-articles/3904/Payroll-Tax-Extension-Funded-By-New-Mortgages-in-201...

Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

Re: New Fees/Laws for 2012

http://www.cbsnews.com/8301-501707_162-57344676/payroll-tax-cut-bill-boosts-cost-of-new-mortgages/

 

i came back because i remembered the payroll tax extension.

 

although i haven't seen how the fees will be implemented yet

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
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