I 
118TH CONGRESS 
2D SESSION H. R. 10498 
To amend the National Housing Act to restrict the collection of annual 
mortgage insurance premiums when a 78 percent loan-to value ratio 
is reached, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 18, 2024 
Mr. MEEKS (for himself and Mr. SESSIONS) introduced the following bill; 
which was referred to the Committee on Financial Services 
A BILL 
To amend the National Housing Act to restrict the collection 
of annual mortgage insurance premiums when a 78 per-
cent loan-to value ratio is reached, and for other pur-
poses. 
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 ‘‘The Mortgage Insur-
ance Freedom Act’’. 
VerDate Sep 11 2014 
00:40 Feb 08, 2025
Jkt 059200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H10498.IH
H10498
ssavage on LAPJG3WLY3PROD with BILLS
SEC. 2. RESTRICTION OF COLLECTION OF ANNUAL MORT-
GAGE INSURANCE PREMIUMS. 
(a) IN GENERAL.—Section 203(c)(2) of the National 
Housing Act (12 U.S.C. 1709(c)(2)) is amended— 
(1) in subparagraph (B)— 
(A) in clause (i), by striking ‘‘For any’’ 
and inserting ‘‘Subject to subparagraph (D), 
for any’’; and 
(B) in clause (ii), by striking ‘‘For any’’ 
and inserting ‘‘Subject to subparagraph (D), 
for any’’; 
(2) in subparagraph (C)(i), by striking ‘‘In ad-
dition’’ and inserting ‘‘Subject to subparagraph (D), 
in addition’’; and 
(3) by adding at the end the following: 
‘‘(D) RESTRICTION ON ANNUAL PREMIUM 
COLLECTION.— 
‘‘(i) IN
GENERAL.—The Secretary 
may not collect any annual premiums 
under this paragraph with respect to a 
mortgage at any time that the remaining 
insured principal balance (excluding the 
portion of the remaining balance attrib-
utable to the premium collected under sub-
paragraph (A)) is 78 percent or less than 
the lower of— 
VerDate Sep 11 2014 
00:40 Feb 08, 2025
Jkt 059200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H10498.IH
H10498
ssavage on LAPJG3WLY3PROD with BILLS
‘‘(I) the sales price of the dwell-
ing at the sale in connection with 
which the mortgage was made, or 
‘‘(II) the appraised value of the 
dwelling at the time of the origination 
of the mortgage. 
‘‘(ii) EXCEPTION.—Clause (i) shall 
not apply during any period in which Mu-
tual Mortgage Insurance Fund has a cap-
ital ratio below 2 percent. 
‘‘(iii) RULEMAKING.—The Secretary 
shall, not later than 180 days after the en-
actment of this subparagraph, issue such 
rules to carry out this subparagraph and 
such rules shall include a process for mort-
gagors of mortgages insured under this 
title to use to demonstrate to the Secretary 
that the insured principal balance of the 
mortgage of such mortgagor is 78 percent 
or less than the lower of— 
‘‘(I) the sales price of the dwell-
ing at the sale in connection with 
which the mortgage was made, or 
VerDate Sep 11 2014 
00:40 Feb 08, 2025
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H10498.IH
H10498
ssavage on LAPJG3WLY3PROD with BILLS
‘‘(II) the appraised value of the 
dwelling at the time of the origination 
of the mortgage. 
‘‘(iv) OUTREACH AND EDUCATION.— 
The Secretary shall conduct outreach and 
educational activities to inform mortgagors 
of mortgages insured under this title 
about— 
‘‘(I) the restriction on premium 
collection imposed by clause (i); and 
‘‘(II) and the processes the mort-
gagor may use to demonstrate to the 
Secretary that the insured principal 
balance of the mortgage of such mort-
gagor is 78 percent or less than the 
lower of— 
‘‘(aa) the sales price of the 
dwelling at the sale in connection 
with which the mortgage was 
made, or 
‘‘(bb) the appraised value of 
the dwelling at the time of the 
origination of the mortgage’’. 
(b) APPLICABILITY.—The amendments made by sub-
section (a) shall apply with respect only to mortgages en-
VerDate Sep 11 2014 
00:40 Feb 08, 2025
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H10498.IH
H10498
ssavage on LAPJG3WLY3PROD with BILLS
dorsed for insurance by the Secretary of Housing and 
Urban Development after the date of the enactment of this 
Act. 
Æ 
VerDate Sep 11 2014 
00:40 Feb 08, 2025
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6301
E:\BILLS\H10498.IH
H10498
ssavage on LAPJG3WLY3PROD with BILLS