H.R. 7754: Take Your Rate Act of 2026

This bill, titled the Take Your Rate Act of 2026, aims to require a study on the possibility and potential effects of making federally backed mortgage loans portable. The main agency responsible for conducting this study will be the Secretary of Housing and Urban Development (HUD), in collaboration with the Director of the Federal Housing Finance Agency (FHFA).

Key Provisions of the Bill

The bill mandates the following:

• Study on Mortgage Portability: The HUD Secretary and the FHFA Director must conduct a study analyzing the feasibility and implications of allowing mortgage loans, which are backed by the federal government, to be portable. This means that borrowers could take their existing mortgage loan with them when they sell one home to buy another.

Considerations for the Study

The study should cover several important areas, including:

• Feasibility: Assessing how operationally and administratively possible it would be to implement portable mortgages.
• Housing Market Impact: Evaluating how the ability to transfer federally backed mortgages could affect the housing market.
• Regulatory Changes: Identifying any changes in rules or regulations necessary for making mortgages portable.
• Borrower Benefits: Estimating how many existing borrowers would benefit from this option.
• Budgetary Impact: Considering the financial implications for the federal budget resulting from changes to mortgage portability.
• Financial Safety: Analyzing how portable mortgages would impact the financial stability of federally backed mortgage programs.
• Statutory Changes: Determining if any changes to existing laws would be required.
• Demonstration Program: Recommendations on whether a limited pilot program would be helpful and its potential administration.
• Additional Information: Any further insights that the HUD Secretary and FHFA Director find relevant.
• Alternative Solutions: If portability is infeasible, exploring other options to provide similar benefits to homeowners.

Consultation with Stakeholders

During the study, the HUD Secretary and FHFA Director can consult with various stakeholders to gather insights, including:

• The Federal National Mortgage Association (Fannie Mae)
• The Federal Home Loan Mortgage Corporation (Freddie Mac)
• The Federal Housing Administration
• The Department of Veterans Affairs
• The Department of Agriculture
• Mortgage lenders and servicers
• Any other relevant federal agencies, departments, or external industries

Definition of Federally Backed Mortgage Loans

The bill specifies that a federally backed mortgage loan is generally any loan secured by a lien on residential real property designed for occupancy by 1 to 4 families, which receives any form of support from a government agency, including loans insured, guaranteed, or otherwise assisted by federal resources.

Report to Congress

Within 180 days after the bill is enacted, the HUD Secretary and FHFA Director must report their findings and recommendations to Congress. This report will include:

• The results of the conducted study
• Any policy recommendations
• An assessment of potential risks and benefits to taxpayers and financial markets
• Any dissenting opinions from the involved agencies

Relevant Companies

• FNMA: The Federal National Mortgage Association may be directly impacted as the study could affect the operations of federally backed mortgages they manage.
• FMCC: The Federal Home Loan Mortgage Corporation, similarly, might need to adjust their practices based on potential changes in mortgage portability.