House Passes Mortgage Choice Act
The Republican-led House of Representatives passed the Mortgage Choice Act of 2015, sponsored by Rep. Bill Huizenga (R-Mich.), in a 286 to 140 vote.
The legislation, supported by CUNA and NAFCU, would adjust the definition of points and fees under the Truth in Lending Act as applied in the CFPB's qualified mortgage rule.
“A qualified mortgage is the gold standard of home loans. Hardworking families should not be denied access to a qualified mortgage because of technicalities that are largely out of their control,” Huizenga said after the vote on Tuesday evening. “The Mortgage Choice Act enacts commonsense reforms to Dodd Frank making it possible for low and middle income families to achieve a portion of the American Dream. I am glad to see strong bipartisan support for the effort to make homeownership an attainable goal.”
Financial Services Committee Chairman Jeb Hensarling (R-Texas) applauded Huizenga’s leadership in moving the bill forward.
“We are trying to ensure that low and moderate income Americans have convenience, they have choice, that they have lower prices. The Truth in Lending Act will apply, should apply; we have to protect consumers against force and fraud and deception but we’ve got to quit protecting consumers right out of their homes,” he said on the House floor.
House Speaker John Boehner (R-Ohio) said affordable housing is vital for low and middle-income families and workers.
“But far too often, Washington’s regulatory overreach and red tape gets in the way of their American dream. By increasing access and promoting choice for consumers, this legislation will help more hardworking Americans get ahead and achieve financial independence,” he said.