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Mortgage Choice Act of 2017 Passes Out of Committee

Wednesday, November 15, 2017   (0 Comments)
Posted by: Rae Brevard
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Introduced by Representative Bill Huizenga (R-MI), the “Mortgage Choice Act of 2017” amends the Truth in Lending Act (TILA) by modifying the definition of “points and fees” for purposes of determining whether a mortgage can be a Qualified Mortgage. This bill excludes from the calculation of points and fees insurance and taxes held in escrow and fees paid to affiliated companies as a result of their participation in an affiliated business arrangement. This bill would direct the Bureau of Consumer Financial Protection (CFPB) to amend its regulations related to Qualified Mortgages to reflect the new exclusions.

 

The bill passed 46-13.

 

[H.R. 1153]



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