I wanted to add a comment to the discussion about the recent change in how mortgage closing costs are determined…
If the intent of the change is to ensure that individuals with a lower socioeconomic status have better access to affordable loans without excessive costs it might make more sense to correct any biases in the way FICO scores are calculated. FICO algorithms are likely similar between the three credit bureaus, but they are essentially a black box. Some organizations have their own proprietary calculations. Let’s open the black box and create federally established guidelines as to how credit-worthiness is established.
The current change is designed to work around a broken system. Why not replace the broken part?
My two cents