Responsible Borrower Protection Act of 2023

Bill: 118-hr-2928
Sponsor: full_name: Rep. Biggs, Andy [R-AZ-5]
Introduced: 2023-04-27
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-04-27
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-04-27
action_desc: Introduced in House
text: <p class="MsoNormal" style="line-height: normal;"><b>Responsible Borrower Protection Act of 2023</b></p> <p class="MsoNormal" style="line-height: normal;">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 their January 2023-announced changes to the single-family pricing framework for fees on purchase, rate-term refinance, and cash-out refinance loans. The changes revise the fee charts that provide percentage adjustments based on a borrower's credit score and other factors.</p> <p class="MsoNormal" style="line-height: normal;" />

tv_txt: I 118th CONGRESS 1st Session H. R. 2928 IN THE HOUSE OF REPRESENTATIVES April 27, 2023 Mr. Biggs (for himself, Mr. Gosar , Mr. Weber of Texas , Mrs. Boebert , Mr. Perry , Mr. Bean of Florida , Mr. McCormick , Mr. Burlison , Mr. Yakym , Mr. Mast , Mr. Johnson of South Dakota , Mr. Grothman , Mr. Moore of Alabama , Mr. Guthrie , Mr. Ogles , Mr. Babin , Mr. LaMalfa , Mr. Stewart , Mr. Self , Mr. Carl , Mr. Donalds , Mr. Cloud , Mr. Tiffany , Mr. Balderson , Mr. Mooney , Mr. Bishop of North Carolina , Mr. Brecheen , Mrs. Luna , Mr. Rosendale , Mr. Roy , Mr. Lawler , Mr. Fry , Mr. Palmer , Mr. Finstad , Mr. Carter of Georgia , and Mr. Good of Virginia ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To cancel certain proposed changes to credit fees charged by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and for other purposes.

1. Short title This Act may be cited as the Responsible Borrower Protection Act of 2023 . 2. Cancellation of changes The Federal Housing Finance Agency and the enterprises (as such term is defined in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4502 )) may not implement the changes to the single-family housing mortgage credit fee pricing framework of the enterprises announced by the Federal Housing Finance Agency on January 19, 2023 ( FHFA Announces Updates to the Enterprises’ Single-Family Pricing Framework ), and set forth in Federal National Mortgage Association Lender Letter LL–2023–01 and Federal Home Loan Mortgage Corporation Bulletin 2023–1, and such changes, Lender Letter, and Bulletin shall have no force or effect. 3. Continuation of risk-based pricing This Act may not be construed to prohibit the enterprises from applying risk-based pricing for credit fees for single-family housing mortgages.