SIOUX FALLS, SD (KELO.com) — It seems to break the rules on borrowing. The Biden Administration is rolling out new policies that increase fees for borrowers with good credit scores, and reduces fees for borrowers with lower scores. Josh Osborne of Cross Country Mortgage of Sioux Falls says there isn’t much anyone can do to avoid the change. He adds it’s a break from past practices, but the impact should be small.
The new rules take effect on today. Osborne says the difference in fees and rates will be minimal. One glimmer of hope on the horizon- talk of lower interest rates later this year.
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