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NAFCU with 10 other trade associations on Tuesday urged members of the House to cosponsor NAFCU-supported legislation that would clarify the definition of points and fees under the Truth in Lending Act (TILA) as applied through the CFPB's qualified mortgage rule.

The bill, the Mortgage Choice Act (H.R. 1153), was introduced in February by Reps. Bill Huizenga, R-Mich., Ed Royce, R-Calif., David Scott, D-Ga., Steve Stivers, R-Ohio, Gregory Meeks, D-N.Y., Mike Doyle, D-Pa., and David Joyce, R-Ohio. It awaits action by the House Financial Services Committee.

The legislation would adjust the TILA mortgage rules by exempting from the qualified mortgage cap on points and fees any affiliated title charges and escrow charges for taxes and insurance.

"H.R. 1153 endeavors to restore a full and open competitive market by clarifying the definition of fees and points," the letter states. "In doing so, the legislation will ensure consumers more choices in credit providers and settlement service options."

An identical bill, the Mortgage Choice Act of 2015 (H.R. 685), passed the House last Congress 286-140.

Along with NAFCU, Tuesday's letter was signed by the Community Mortgage Lenders of America, Consumer Mortgage Coalition, CUNA, Housing Policy Council - The Financial Services Roundtable, Leading Builders of America, National Association of Homebuilders, Mortgage Bankers Association, National Association of REALTORS, Real Estate Services Providers Council Inc. and Realty Alliance.