# Plain Language Summary: Mortgage Fee Bill

This bill stops two major mortgage companies—Fannie Mae and Freddie Mac—from putting new fees on home loans. These companies don't lend money directly to homeowners, but they buy most mortgages from banks after they're created, which helps keep the mortgage market running smoothly.

The bill specifically blocks what are called "loan level price adjustments" and "credit fees." In simpler terms, these are extra charges that get added to your mortgage based on your specific situation—things like your credit score, how much money you're putting down, or the size of your loan. Fannie Mae and Freddie Mac had proposed increasing these charges, which would have made mortgages more expensive for many borrowers.

If this bill passes, homebuyers and people refinancing their mortgages would avoid these new fee increases. The impact would be most noticeable for borrowers with lower credit scores or smaller down payments, since they typically face higher adjustments anyway. By blocking these increases, the bill aims to keep mortgage costs from rising for everyday people trying to buy homes or refinance existing loans. Essentially, it's a measure to prevent mortgage lenders from passing along higher costs to borrowers during the lending process.

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.

Bice, Stephanie I.

 <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;"></p>