February 08, 2018

NAFCU-backed mortgage choice bill passes House

The House yesterday passed the NAFCU-backed Mortgage Choice Act (H.R. 1153), which would adjust Truth in Lending Act (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.

"NAFCU thanks Reps. [Bill] Huizenga and [Gregory] Meeks for introducing this legislation to reduce credit unions' regulatory burden and increase consumer choice in the mortgage market," said NAFCU President and CEO Dan Berger. "Consumers deserve affordable mortgage options and this bill, by fostering more competition, will help ensure that.

"We appreciate all representatives who recognized these benefits and voted in favor of H.R. 1153, and we encourage their counterparts in the Senate to do the same."

NAFCU earlier this week joined with other trades representing the financial services and housing industries in encouraging House members to support the bill. A NAFCU witness testified before a House Financial Services subcommittee on housing finance reform in October and urged members to pass H.R. 1153.

The House approved the bill 280-131; it now heads to the Senate for consideration.