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HR 3564 - Middle Class Borrower Protection Act of 2023 - National Key Vote

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Title: Middle Class Borrower Protection Act of 2023

Vote Smart's Synopsis:

Vote to pass a bill that repeals changes made by the Federal Housing Finance Agency (FHFA) to the fees charged by Fannie Mae and Freddie Mac for a conventional single-family mortgage (i.e., loan-level pricing adjustments) and restricts future fee adjustments.

Highlights:

  • Repeals changes made by the Federal Housing Finance Agency (FHFA) to the fees charged by Fannie Mae and Freddie Mac for a conventional single-family mortgage (i.e., loan-level pricing adjustments) and restricts future fee adjustments (Sec. 2).

  • Authorizes the reinstatement of the fee structure that was in place prior to May 1, 2023 (Sec. 2).

  • Requires the Government Accountability Office (GAO) to report on the changes made by FHFA and prohibits further adjustments to the fee structure by FHFA until 90 days after the publication of the GAO report (Sec. 5).

  • Requires FHFA follow administrative procedures after this aforementioned 90 day period when proposing adjustments to the fee structure (Sec. 3).

  • Requires to the greatest extent possible, revisions to the fee structure be based on risk (Sec. 3).

  • Prohibits FHFA, Fannie Mae, and Freedie Mac from imposing any loan-level pricing adjustment fee’s that are based on the ratio of debt of the mortgagor to the income of the mortgagor (Sec. 4).

Full Bill Text

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