If enacted, HB2928 would have significant implications for the mortgage industry, particularly affecting how credit fees are structured for single-family loans. By canceling the proposed changes, the bill aims to protect borrowers from potential increases in fees that might have resulted from the new pricing framework. This could benefit a substantial number of individuals seeking housing loans, as it supports stable tax structures and maintains accessibility to affordable housing options.
Summary
House Bill 2928, titled the 'Responsible Borrower Protection Act of 2023', seeks to cancel specific changes to credit fees that were proposed by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The changes in question were announced by the Federal Housing Finance Agency (FHFA) in January 2023 and were meant to alter the pricing framework for single-family housing mortgage credit fees. The intent of HB2928 is to prevent these changes from being implemented, effectively maintaining the status quo in mortgage pricing regulations.
Contention
The discourse surrounding HB2928 has highlighted differing viewpoints on the management of housing finance and the role of government oversight. Proponents of the bill argue that it safeguards consumers against unnecessary fee increases and preserves the affordability of mortgage products. Conversely, critics contend that maintaining the existing fee structure could limit the FHFA's ability to adapt to changing economic conditions and potentially stifle innovation within the mortgage market.
Related
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.
Responsible Borrower Protection Act of 2025This 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.
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.
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.