arrow_back Back to App

Fairness in Borrowing Act: Cancelling Mortgage Fee Changes

This act aims to cancel proposed changes to credit fees for single-family home mortgages. This means that fees that were set to increase for some borrowers will remain at their current levels. However, the act does not prevent the use of risk-based pricing for these fees.
Key points
Mortgage fee increases cancelled: Planned changes that could have increased mortgage costs for some individuals will not take effect.
Risk-based pricing continues: Lenders can still set mortgage fees based on the risk associated with a borrower, meaning higher-risk individuals may pay more.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_2960
Sponsor: Rep. Lawler, Michael [R-NY-17]
Process start date: 2023-04-27
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Fairness in Borrowing Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2960.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-04-27.

What are the main provisions?

Key points include:

  • Mortgage fee increases cancelled: Planned changes that could have increased mortgage costs for some individuals will not take effect.
  • Risk-based pricing continues: Lenders can still set mortgage fees based on the risk associated with a borrower, meaning higher-risk individuals may pay more.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Lawler, Michael [R-NY-17].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Real Estate Economy