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Kenny Parcell said the fees were unnecessary and confusing, and potential homebuyers face a lack of affordability and supply in the current market in pursuit of the American Dream.

The Pitch Battle competition is an opportunity for real estate technology startups to showcase their company and technologies to industry-leading investors, real estate practitioners and fellow technologists.

"We applaud the FHFA for listening to the industry’s concerns by choosing to drop this fee on borrowers with higher debt-to-income ratios," said 2023 NAR President Kenny Parcell.