Responsible Borrower Protection Act of 2025
1/29/2025, 12:23 PMSummary of Bill HR 53
Bill 119 HR 53, also known as the "Protecting Affordable Mortgages for Veterans Act of 2021," aims to cancel certain proposed changes to credit fees charged by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). These changes were set to increase the fees charged to lenders for certain types of loans, potentially making it more expensive for borrowers to obtain mortgages.The bill seeks to prevent these fee increases in order to protect affordable mortgage options for veterans and other homebuyers. By canceling the proposed changes, the legislation aims to ensure that Fannie Mae and Freddie Mac continue to provide access to affordable mortgage credit for those in need.
In addition to canceling the fee increases, the bill also includes provisions for other purposes related to mortgage lending. These provisions are aimed at promoting access to affordable housing and ensuring that veterans and other borrowers are not unfairly burdened by unnecessary fees. Overall, Bill 119 HR 53 is focused on maintaining affordable mortgage options for veterans and other homebuyers by preventing proposed fee increases by Fannie Mae and Freddie Mac. The legislation aims to protect access to affordable housing and promote fair lending practices in the mortgage industry.
Congressional Summary of HR 53
Responsible Borrower Protection Act of 2025
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 changes to the single-family home loan pricing framework for upfront fees on certain home loans, announced in January 2023. The changes revise the fee charts that provide percentage adjustments based on a borrower's credit score and other risk factors. Overall, these changes increase the percentage adjustments, with variations based on the particular risk profile of the loan.
Current Status of Bill HR 53
Bill HR 53 is currently in the status of Bill Introduced since January 3, 2025. Bill HR 53 was introduced during Congress 119 and was introduced to the House on January 3, 2025. Bill HR 53's most recent activity was Referred to the House Committee on Financial Services. as of January 3, 2025Bipartisan Support of Bill HR 53
Total Number of Sponsors
7Democrat Sponsors
0Republican Sponsors
7Unaffiliated Sponsors
0Total Number of Cosponsors
13Democrat Cosponsors
0Republican Cosponsors
13Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 53
Primary Policy Focus
Alternate Title(s) of Bill HR 53
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.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.Comments
Most relevant
Sponsors and Cosponsors of HR 53
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