Newsroom
June 09, 2014
NAFCU-backed 'Mortgage Choice Act' passes House
June 10, 2014 – The House Monday evening passed NAFCU-backed H.R. 3211, the "Mortgage Choice Act of 2013," which clarifies the definition of points and fees under the Truth in Lending Act and applied in CFPB's qualified mortgage rule.
The bill passed by voice vote under a suspension of the rules.
H.R. 3211, introduced by Rep. Bill Huizenga, R-Mich., and Gregory Meeks, D-N.Y., would adjust the Truth in Lending Act mortgage rules by exempting from the qualified mortgage cap on points and fees any affiliated title charges and escrow charges for taxes and insurance.
Brad Thaler, NAFCU's vice president of legislative affairs, wrote House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif., yesterday noting support for the bill.
"The Mortgage Choice Act of 2013 would make important changes that would exclude title charges from the ‘points and fees' definition, and clarify that escrow charges should be excluded from any calculation of ‘points and fees,' " Thaler wrote. "These changes would greatly improve the definition of ‘points and fees' used to determine whether a loan meets the QM test, and would ensure that those with low and moderate means would continue to be able to obtain their mortgages from their credit union at a reasonable price."
NAFCU yesterday also joined a coalition of other financial services trades in a joint letter of support for the legislation.
The bill passed by voice vote under a suspension of the rules.
H.R. 3211, introduced by Rep. Bill Huizenga, R-Mich., and Gregory Meeks, D-N.Y., would adjust the Truth in Lending Act mortgage rules by exempting from the qualified mortgage cap on points and fees any affiliated title charges and escrow charges for taxes and insurance.
Brad Thaler, NAFCU's vice president of legislative affairs, wrote House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif., yesterday noting support for the bill.
"The Mortgage Choice Act of 2013 would make important changes that would exclude title charges from the ‘points and fees' definition, and clarify that escrow charges should be excluded from any calculation of ‘points and fees,' " Thaler wrote. "These changes would greatly improve the definition of ‘points and fees' used to determine whether a loan meets the QM test, and would ensure that those with low and moderate means would continue to be able to obtain their mortgages from their credit union at a reasonable price."
NAFCU yesterday also joined a coalition of other financial services trades in a joint letter of support for the legislation.
Share This
Related Resources
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 11, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Refining the Consumer Loan Experience
Credit Unions, Education, Consumer Lending, Growth & Retention, Current Affairs, Marketing
preferred partner
Securian Financial
Blog Post
IRS SECURE 2.0 “Grab Bag” Guidance: Other Issues
Retirement, Credit Unions
preferred partner
Pentegra
Blog Post
Get daily updates.
Subscribe to NAFCU today.