Take Your Rate Act of 2026

This Act may be cited as the Take Your Rate Act of 2026.

The Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency shall jointly conduct a study on the feasibility and potential impacts of mortgage loan portability for Federally backed mortgage loans.

The study required under subsection (a) shall include an analysis of—

(1) administrative and operational feasibility;

(2) the effect on the housing market if Federally backed mortgage loans were portable;

(3) any changes to rulemaking and regulations at the Department of Housing and Urban Development and the Federal Housing Finance Agency to allow such mortgages to become portable;

(4) how many current borrowers would benefit from such portable mortgages;

(5) the budgetary impact that such portable mortgages would have on the Federal Government;

(6) the financial safety and soundness implications for federally backed mortgage programs and the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation if such mortgages were portable;

(7) any statutory changes needed, if any;

(8) recommendations on whether a limited demonstration program would be beneficial and how it should be administered;

(9) any other information the Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency finds important to include; and

(10) if the Secretary and Director determines that it is not feasible, recommendations regarding similar solutions or alternative program designs that could be administered to provide relief on the housing market.

The Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency may consult with the following entities if it would be beneficial for the study and report:

(1) The Federal National Mortgage Association.

(2) The Federal Home Loan Mortgage Corporation.

(3) The Federal Housing Administration.

(4) The Department of Veterans Affairs.

(5) The Department of Agriculture.

(6) Mortgage lenders and servicers.

(7) Any other Federal agencies, departments, or outside industries that it sees as beneficial.

In this Act, The term Federally backed mortgage loan means any loan (other than temporary financing such as a construction loan) that—

(1) is secured by a first or subordinate lien on residential real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of 1 to 4 families, including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property; and

(2) is made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way, by any officer or agency of the Federal Government or under or in connection with a housing or urban development program administered by the Secretary of Housing and Urban Development or a housing or related program administered by any other such officer or agency, or is purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.

Not later than 180 days after the date of enactment of this Act, the Secretary and the Director shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a joint report containing—

(1) the findings of the study required under section 2;

(2) policy recommendations, if any;

(3) an assessment of risks and benefits to taxpayers and financial markets; and

(4) any dissenting views from either agency.