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Middle Class Borrower Protection Act of 2023

USA118th CongressS-2296| Senate 
| Updated: 7/13/2023
Mike Braun

Mike Braun

Republican Senator

Indiana

Cosponsors (15)
Rick Scott (Republican)Roger Marshall (Republican)Thomas Tillis (Republican)Cindy Hyde-Smith (Republican)Jerry Moran (Republican)Tom Cotton (Republican)Roger F. Wicker (Republican)John Thune (Republican)Ted Cruz (Republican)Kevin Cramer (Republican)John Barrasso (Republican)John Cornyn (Republican)Marco Rubio (Republican)Pete Ricketts (Republican)Ted Budd (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Middle Class Borrower Protection Act of 2023 This bill rolls back 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. These changes, effective May 1, 2023, revised the fee charts that provide percentage adjustments based on a mortgagor's credit score and down payment. The bill reinstates the fee structure that was in place prior to May 1, 2023. The Government Accountability Office (GAO) must report on the changes made by the FHFA. Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of the GAO report. After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure. The bill also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk. Further, FHFA, Fannie Mae, and Freddie Mac are prohibited from imposing any loan-level pricing adjustment fee that is based on the ratio of the debt of the mortgagor to the income of the mortgagor.
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Timeline
Jul 10, 2023

Latest Companion Bill Action

HR 118-3564
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 13, 2023
Introduced in Senate
Jul 13, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • July 10, 2023

    Latest Companion Bill Action

    HR 118-3564
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • July 13, 2023
    Introduced in Senate


  • July 13, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Related Bills

  • HR 118-3564: Middle Class Borrower Protection Act of 2023

Middle Class Borrower Protection Act of 2023

USA118th CongressS-2296| Senate 
| Updated: 7/13/2023
Middle Class Borrower Protection Act of 2023 This bill rolls back 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. These changes, effective May 1, 2023, revised the fee charts that provide percentage adjustments based on a mortgagor's credit score and down payment. The bill reinstates the fee structure that was in place prior to May 1, 2023. The Government Accountability Office (GAO) must report on the changes made by the FHFA. Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of the GAO report. After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure. The bill also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk. Further, FHFA, Fannie Mae, and Freddie Mac are prohibited from imposing any loan-level pricing adjustment fee that is based on the ratio of the debt of the mortgagor to the income of the mortgagor.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 10, 2023

Latest Companion Bill Action

HR 118-3564
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 13, 2023
Introduced in Senate
Jul 13, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • July 10, 2023

    Latest Companion Bill Action

    HR 118-3564
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • July 13, 2023
    Introduced in Senate


  • July 13, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mike Braun

Mike Braun

Republican Senator

Indiana

Cosponsors (15)
Rick Scott (Republican)Roger Marshall (Republican)Thomas Tillis (Republican)Cindy Hyde-Smith (Republican)Jerry Moran (Republican)Tom Cotton (Republican)Roger F. Wicker (Republican)John Thune (Republican)Ted Cruz (Republican)Kevin Cramer (Republican)John Barrasso (Republican)John Cornyn (Republican)Marco Rubio (Republican)Pete Ricketts (Republican)Ted Budd (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 118-3564: Middle Class Borrower Protection Act of 2023
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted