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HR258119th CongressWALLET

To cancel certain proposed changes to loan level price adjustments by the Federal National Mortgage Association and credit fees charged by the Federal Home Loan Mortgage Corporation.

Sponsored By: Representative Bice, Stephanie I. [R-OK-5]

Introduced

Summary

Blocks the January 19, 2023 changes that would raise upfront mortgage fees for certain single-family loans. This bill would stop the Federal Housing Finance Agency and the government-sponsored enterprises from putting into effect higher loan-level price adjustments and related credit fees announced that day.

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  • Families and homebuyers: Preserves the existing upfront fee schedule for many single-family mortgages, so some borrowers would not face the higher percentage fee adjustments that were proposed.
  • Borrowers with lower credit scores: Keeps stronger pricing protections for people whose credit profiles would have triggered larger fee increases under the revised charts.
  • FHFA, Fannie Mae, Freddie Mac and lenders: Prevents the agencies and Enterprises from implementing the January 2023 loan-level price adjustments, and strips legal effect from the lender letter and bulletin that described those changes.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Block 2023 mortgage fee hikes

This bill would bar FHFA, Fannie Mae, and Freddie Mac from using the single-family pricing changes announced on January 19, 2023. It would void those updates and the related Fannie Mae Lender Letter LL-2023-01 and Freddie Mac Bulletin 2023-1. If enacted, borrowers and homebuyers would avoid the planned increases to loan-level price adjustments and credit fees. Lenders and small mortgage businesses would not have to apply those increases. The block would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Bice, Stephanie I. [R-OK-5]

OK • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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