House Committee Passes Mortgage Choice Act

The House Financial Services Committee passed H.R. 685, “The Mortgage Choice Act” with bipartisan support after an intense effort by NAR and coalition partners.   The Committee vote was 43-12. The legislation would reduce discrimination against affiliate lenders in the calculation of fees and points under various mortgage rules. The bill is now ready for consideration by the full House of Representatives. Senator Pat Toomey (R-PA) is working companion legislation on in the Senate.

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