Congressman Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, introduced the “Financial Choice Act” to reduce regulatory burdens and expand credit access to consumers and businesses. NAR sent a letter to the Committee in support of several provisions in the bill including a revision to the Truth in Lending Act’s (TILA) definition of “points and fees” to allow for greater consumer choice in mortgage and settlement services under the Ability to Repay/Qualified Mortgage (QM) rule.
This 500-page legislation makes a number of reforms to the Dodd-Frank Act aimed to increase transparency, accountability, and fairness within the federal regulatory agencies. It also represents a significant shift in the Republican policy position regarding the Dodd-Frank Act which has generally called for a full repeal of the legislation.
IRES MLS: Come Home to Colorado 