Rep. Huizenga’s ‘Mortgage Choice Act’ Passes U.S. House (Misc News: June 16, 2014)
Last week, the U.S. House of Representatives considered H.R. 3211, the Mortgage Choice Act. This legislation would address concerns that CUNA and others have had regarding the definition of points and fees in the CFPB’s Ability to Repay/Qualified Mortgage rule.
The legislation excludes from the definition of points and fees compensation that is retained by a creditor or its affiliate as a result of its participation in an affiliated business arrangement. This is a concern CUNA raised with the House Financial Services Committee last year during testimony examining how the Dodd-Frank Act hampers home ownership.
CUNA was part of a joint industry letter of support for this bill. MCUL & Affiliates urged all members of Michigan’s congressional delegation to support this legislation at the CUNA GAC and Hike the Hill lobbying events. The legislation was passed by the U.S. House on a voice vote and has been referred to the U.S. Senate for further consideration.