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 considerationContinue reading “House Committee Passes Mortgage Choice Act”

House Passes Mortgage Choice Act

On September 16, the House of Representatives passed H.R. 5461, a compendium of legislation that included H.R. 3211, The Mortgage Choice Act. H.R. 3211 addresses discrimination in the calculation of fees and points in the Qualified Mortgage Rule. The bipartisan legislation is designed to present the Senate with a package of widely agreed upon reforms thatContinue reading “House Passes Mortgage Choice Act”

House Passes 3 Percent Fix

NAR Government Affairs has been closely monitoring the implementation of rules by the Consumer Financial Protection Bureau (CFPB).  As part of the implementation of the Qualified Mortgage (QM) regulations, CFPB included in the 3 percent cap on fees and points, amounts paid to affiliate title companies and insurance escrows when there is an affiliate involvedContinue reading “House Passes 3 Percent Fix”

NAR Pushes for Quick Congressional Action

is continuing to pressure Congress to pass three major pieces of legislation before the year is over: Flood Insurance: H.R. 3370 / S. 1610. There are currently 142 cosponsors in the House & 24 cosponsors in the Senate.  The call for action is still live so if you have not responded, please do! Our localContinue reading “NAR Pushes for Quick Congressional Action”

NAR Supports Mortgage Choice Act

On Oct. 28 a bipartisan group of senators introduced S. 1577: The Mortgage Choice Act. (The legislation is identical to H.R. 3211 in the House.) It would make adjustments to the Truth in Lending Act’s (TILA) definition of fees and points to ensure greater consumer choice in mortgage and settlement services under the Ability toContinue reading “NAR Supports Mortgage Choice Act”