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.

This bill would stop planned changes to upfront fees on many home loans backed by Fannie Mae and Freddie Mac. It tells the housing finance regulator and the two mortgage companies not to put the January 2023 pricing updates into effect, and says those updates have no force or effect. The blocked changes would have raised or adjusted the fee percentages that borrowers pay up front based on credit score and other risk factors, with different impacts depending on each loan’s risk profile.

Key points:

• Who is affected: Homebuyers and homeowners using Fannie Mae or Freddie Mac mortgages; lenders who sell loans to them.
• What changes: Prevents the January 2023 updates to the single-family pricing framework from taking effect, keeping the prior fee structure instead of the revised, generally higher adjustments .
• When: The cancellation would apply once this bill becomes law; the 2023 changes would not be implemented.