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This bill would stop federal housing regulators and the two big government-backed mortgage companies from putting in place certain pricing changes for single-family home loans. In simple terms, it would cancel planned updates that could change the fees lenders pay on mortgages, especially the extra charges tied to a borrower’s loan terms and credit risk. The bill says those announced changes would have no legal effect.
- It blocks the Federal Housing Finance Agency from carrying out pricing changes announced on January 19, 2023.
- It also stops those changes from taking effect at Fannie Mae and Freddie Mac.
- The bill specifically cancels the lender notice and bulletin that described the updated pricing rules.
Official Summaries
This bill prohibits the Federal Housing Finance Agency, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) from implementing changes to the single-family home loan pricing framework for upfront fees on certain home loans, announced in January 2023. The changes revise the fee charts that provide percentage adjustments based on a borrower's credit score and other risk factors. Overall, these changes increase the percentage adjustments, with variations based on the particular risk profile of the loan.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 258 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 258
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 9, 2025
Mrs. Bice introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. CANCELLATION OF CHANGES.
The Federal Housing Finance Agency and the enterprises, as defined
in section 1303 of the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992 (12 U.S.C. 4502), may not implement the changes
to the single-family pricing framework announced by the Federal Housing
Finance Agency on January 19, 2023, in an announcement entitled ``FHFA
Announces Updates to the Enterprises' Single-Family Pricing
Framework'', and set forth in Federal National Mortgage Association
Lender Letter LL-2023-01 and Federal Home Loan Mortgage Corporation
Bulletin 2023-1, and the changes, Lender Letter, and Bulletin shall
have no force or effect.
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