Blocks Higher Mortgage Fees for Home Loans
HR258-119 · Introduced Jan 9, 2025
Why it matters
Borrowers with lower credit scores could avoid higher upfront loan fees that the 2023 changes would have added. Lenders and buyers would keep the current fee charts.
What it does
- Blocks changes to upfront fee charts for certain single-family home loans
- Stops fee changes announced in January 2023 from taking effect
- Keeps current fee percentages based on credit score and other risk factors
In committee
Next: a committee vote
- Introduceddone
- Committeecurrent step
- Housenot yet
- Senatenot yet
- Presidentnot yet
About this bill
Would stop the Federal Housing Finance Agency, Fannie Mae, and Freddie Mac from carrying out January 2023 changes to upfront mortgage fees for certain home loans.
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.
Perspectives
💬 The case for
Some homebuyer groups would likely say higher fees make homes harder to afford. They may argue the changes would hit borrowers with lower credit scores hardest.
💬 The case against
Some housing finance groups would likely say the fee changes manage risk for taxpayers. They may warn that blocking them could weaken Fannie Mae and Freddie Mac.
Sponsored by
Sponsor details for this federal bill are at the source link.
News
Loading coverage…