HR 3564 United States House · 118th Congress

Middle Class Borrower Protection Act of 2023

This bill requires the Federal Housing Finance Agency (FHFA) to revert mortgage guarantee fees for single-family homes to the rates in effect before May 1, 2023, effectively undoing a 2023 fee increase. It prohibits fees based on a borrower’s debt-to-income ratio and restricts future fee adjustments without following standard federal rulemaking procedures. The bill directly affects mortgage borrowers (particularly middle-class homeowners) and lenders who pay these fees, as it changes how mortgage finance agencies charge for loan guarantees. A GAO study will also examine the FHFA’s previous fee changes and their economic impact, with a report due within 14 months.

Issues: ✓ Housing

Sub-Topics: Homeownership Housing Finance Mortgages

Bill status passed 3 of 5 stages cleared

Introduction

May 2023

Committee Review

Jul 2023

House Passage

Jun 2023

Senate Passage

President

Introduced May 22, 2023 Last action Jul 10, 2023

Maddy AI version diff · 1 comparison

What changed between versions

Introduced in House → Engrossed in House · 7 edits · Jun 23, 2023

MODERATE

The Engrossed version of HR 3564 adds two new GAO study requirements assessing impacts on first-time and low-income homebuyers and on affordable housing, rural housing, and manufactured housing; adds a new definition for 'risk-based pricing'; requires the GAO report to be made publicly available online; and adds an entirely new section extending the deadline for enterprise guarantee fees from October 1, 2032 to October 1, 2033. The remaining changes are minor typo fixes (capitalization of 'single-family' and 'negativity' to 'negative') and formatting adjustments.

SCOPE

New GAO study paragraph (3) requiring assessment of benefits that would accrue to first-time and low-income homebuyers from the recalibrated single-family pricing framework taking effect.

New GAO study paragraph (4) requiring assessment of impacts on affordable housing preservation, rural housing, and manufactured housing from the recalibrated single-family pricing framework taking effect.

GAO study paragraph (C) expanded to include analysis of the interaction with and treatment of any private mortgage insurance required in connection with a residential mortgage transaction.

REQUIREMENT

GAO report must now be made publicly available online on a website of the Department, in addition to being submitted to Congress within 14 months.

DEFINITION

New definition added for 'risk-based pricing': the calibration of fees based on expected credit losses to an enterprise of each single-family mortgage category as defined by an enterprise based on credit score and loan-to-value ratio characteristics of a mortgage.

TIMELINE

Entirely new Section 7 extends the deadline in section 1327(f) of the Federal Housing Enterprises Financial Safety and Soundness Act from October 1, 2032 to October 1, 2033, relating to enterprise guarantee fees.

TECHNICAL

Fixed capitalization errors: 'single-Family' corrected to 'single-family' in multiple subsection headings, and 'negativity profitability gap' corrected to 'negative profitability gap' in the GAO study.

Floor votes · House Jun 23, 2023

How they voted

230–189

Passed · 14 other

Total votes 433

Jun 23, 2023

D Democratic212

14 Yea 189 Nay 9

89% Nay

I Independent1

1 Yea

100% Yea

R Republican220

215 Yea 5

97% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jul 10, 2023

Committee

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

upper

Jun 23, 2023

Lower · Passed

On passage Passed by the Yeas and Nays: 230 - 189 (Roll no. 289).

lower

Jun 23, 2023

Lower · Passed

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 230 - 189 (Roll no. 289).

lower

Jun 23, 2023

Lower · Passed

Mr. Cleaver moved to recommit to the Committee on Financial Services. (text: CR H3127)

lower

Jun 23, 2023

Lower · Passed

The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.

lower

Jun 23, 2023

Lower · Passed

The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3564.

lower

Jun 23, 2023

Lower · Passed

DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Pettersen amendment No. 4.

lower

Jun 23, 2023

Lower · Passed

DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 3.

lower

Jun 23, 2023

Lower · Passed

DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Lee (NV) amendment No. 2.

lower

Jun 23, 2023

Lower · Passed

DEBATE - Pursuant to the provisions of H. Res. 524, the Committee of the Whole proceeded with 10 minutes of debate on the Boebert amendment No. 1.

lower

Jun 23, 2023

Lower · Passed

GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3564.

lower

Jun 23, 2023

Lower · Passed

House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 524 and Rule XVIII.

lower

Jun 23, 2023

Lower · Passed

The Speaker designated the Honorable Dan Newhouse to act as Chairman of the Committee.

lower

Jun 20, 2023

Lower · Passed

Rules Committee Resolution H. Res. 524 Reported to House. Rule provides for consideration of H.R. 3564, H.R. 3799 and H. Res. 461. The resolution provides for consideration of H.R. 3564 under a structured rule with one hour of general debate; H.R. 3799 under a structured rule with eighty minutes of general debate; and H.Res. 461, under a closed rule with one hour of general debate. The resolution provides for a motion to recommit on H.R. 3564 and H.R. 3799.

lower

Jun 7, 2023

Lower · Passed

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-103.

lower

May 24, 2023

Introduced

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 22.

lower

May 24, 2023

Lower · Passed

Committee Consideration and Mark-up Session Held

lower

May 22, 2023

Committee

Referred to the House Committee on Financial Services.

lower

May 22, 2023

Introduced

Introduced in House

lower

1 primary · 13 co-sponsors