IB 
Union Calendar No. 79 
118TH CONGRESS 
1ST SESSION H. R. 3564 
[Report No. 118–103] 
To cancel recent changes made by the Federal Housing Finance Agency 
to the up-front loan level pricing adjustments charged by Fannie Mae 
and Freddie Mac for guarantee of single-family mortgages, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 22, 2023 
Mr. DAVIDSON (for himself, Mr. STEIL, Mr. LAWLER, Mrs. BICE, Mr. BIGGS, 
Mr. MOONEY, Mr. HUIZENGA, Mr. EMMER, Mr. ALLEN, and Mr. 
LOUDERMILK) introduced the following bill; which was referred to the 
Committee on Financial Services 
JUNE 7, 2023 
Additional sponsors: Mrs. KIM of California, Mr. YAKYM, Mrs. HOUCHIN, and 
Mr. JOHNSON of Louisiana 
JUNE 7, 2023 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on May 22, 2023] 
VerDate Sep 11 2014 
21:43 Jun 07, 2023
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H3564.RH
H3564
kjohnson on DSK79L0C42PROD with BILLS
A BILL 
To cancel recent changes made by the Federal Housing Fi-
nance Agency to the up-front loan level pricing adjust-
ments charged by Fannie Mae and Freddie Mac for 
guarantee of single-family mortgages, and for other pur-
poses. 
VerDate Sep 11 2014 
21:43 Jun 07, 2023
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6652
E:\BILLS\H3564.RH
H3564
kjohnson on DSK79L0C42PROD with BILLS
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Middle Class Borrower 
Protection Act of 2023’’. 
SEC. 2. REPEAL OF RECALIBRATED SINGLE-FAMILY PRIC-
ING FRAMEWORK. 
Not later than the expiration of the 60-day period be-
ginning on the date of the enactment of this Act, the Direc-
tor of the Federal Housing Finance Agency shall revise the 
recalibrated single-family pricing framework charged by the 
enterprises for guarantee of mortgages on single-family 
housing so that such fees are identical to the fees of the 
standard single-family pricing framework in effect imme-
diately before May 1, 2023. 
SEC. 3. RESTRICTIONS ON FHFA ADJUSTMENTS TO SINGLE- 
FAMILY PRICING FRAMEWORK. 
(a) TEMPORARY PROHIBITION ON FURTHER ADJUST-
MENTS TO SINGLE-FAMILY PRICING FRAMEWORK.—During 
the period beginning upon the date of the revision of the 
recalibrated single-family pricing framework pursuant to 
section 2 and ending 90 days after the submission to the 
Congress of the report required under section 5, the Director 
may not further revise the single-family pricing framework 
VerDate Sep 11 2014 
21:43 Jun 07, 2023
Jkt 039200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6203
E:\BILLS\H3564.RH
H3564
kjohnson on DSK79L0C42PROD with BILLS
from such framework in effect pursuant to the revision re-
quired by section 2. 
(b) ADMINISTRATIVE PROCEDURES FOR ADOPTION OF 
ADJUSTMENTS TO THE SINGLE-FAMILY PRICING FRAME-
WORK.—After expiration of the period referred to in sub-
section (a), when proposing adjustments to the single-family 
pricing framework, the Director shall follow procedures that 
are as close as practicable to those requirements for a Fed-
eral agency issuing a rule under chapter 5 of title 5, United 
States Code (commonly referred to as the ‘‘Administrative 
Procedure Act’’). 
(c) FHFA REQUIREMENT FOR THE USE OF RISK- 
BASED PRICING.—Section 1367(b)(2) of the Federal Hous-
ing Enterprises Financial Safety and Soundness Act of 
1992 (12 U.S.C. 4617(b)(2)) is amended by adding at the 
end the following new subparagraph: 
‘‘(L) ADDITIONAL
POWERS
AS
CONSER-
VATOR.—The Agency shall, as conservator for an 
enterprise, to the greatest extent feasible require 
that any modifications, including increases, de-
creases, or eliminations, approved to a loan-level 
pricing adjustment fee, as such term is defined 
in section 6 of the Middle Class Borrower Protec-
tion Act of 2023, charged by an enterprise shall 
VerDate Sep 11 2014 
21:43 Jun 07, 2023
Jkt 039200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6203
E:\BILLS\H3564.RH
H3564
kjohnson on DSK79L0C42PROD with BILLS
be based on the risk posed by the mortgage loan 
to the enterprise.’’. 
SEC. 4. PROHIBITION OF LOAN-LEVEL PRICE ADJUSTMENTS 
BASED ON DEBT-TO-INCOME RATIO. 
The Director and the enterprises shall not impose any 
loan-level pricing adjustment fee that is based on the ratio 
of the debt of the mortgagor to the income of the mortgagor. 
SEC. 5. GAO STUDY. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a study of the revisions made by the 
Federal Housing Finance Agency to the standard single- 
family pricing framework under the recalibrated single- 
family pricing framework to— 
(1) analyze— 
(A) the methodology, policy considerations, 
and any other objectives used by the Federal 
Housing Finance Agency as the basis for such 
revisions, including the authority cited by the 
Director under the Federal Housing Enterprises 
Financial Safety and Soundness Act of 1992 (12 
U.S.C. 4501 et seq.) to require such revisions; 
(B) the data, econometric modeling, and 
other inputs supplied by the enterprises during 
the revisions process; 
VerDate Sep 11 2014 
21:43 Jun 07, 2023
Jkt 039200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6203
E:\BILLS\H3564.RH
H3564
kjohnson on DSK79L0C42PROD with BILLS