05/24/23

Senators Andrew Brenner (R-Delaware) and Steve Wilson (R-Maineville) have taken a stand against the recent changes made to the Federal Housing Finance Agency's (FHFA) loan-level price adjustments (LLPAs). In a bid to protect Ohio's real estate market, the senators introduced Senate Resolution 115 (SR 115), urging President Biden to rescind these modifications. The potential ramifications of increased fees and higher mortgage interest rates have raised concerns about the stability and certainty of the real estate industry in Ohio. To rally support for the cause, the OBL has organized a coalition of interested parties who submitted a letter of support for the resolution.

The changes made to the LLPAs by the FHFA have raised concerns among lawmakers and industry stakeholders in Ohio. SR 115 serves as a direct appeal to President Biden, calling upon him to reconsider and rescind the FHFA's loan-level price adjustments. The resolution put forth by Senators Brenner and Wilson highlights the potential consequences of these adjustments. By increasing fees and mortgage interest rates, these modifications could have a chilling effect on the real estate market in Ohio, impacting both buyers and sellers. The resulting uncertainty may discourage prospective homebuyers, affecting the overall growth and stability of the industry.

Recognizing the significance of SR 115, the OBL has rallied support from various industry organizations. In collaboration with the Community Bankers Association of Ohio (CBAO), the Ohio Credit Union League, the Ohio Mortgage Bankers Association, and the Ohio REALTORS, the OBL has formed a coalition to submit a letter of support for the resolution. By joining forces, these organizations aim to convey the shared concerns of the real estate industry and advocate for the best interests of Ohio's buyers, sellers, and homeowners. To read the letter of support, click here.

As the resolution moves forward, it is evident that stakeholders are working together to safeguard the stability and certainty of Ohio's real estate industry.