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House Passes Mortgage Choice Act

Thursday, February 8, 2018   (0 Comments)
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H.R. 1153 "The Mortgage Choice Act" passed the House today by a vote of 280-131. It would make two adjustments to the Truth in Lending Act (TILA) definition of points and fees to ensure greater consumer choice in mortgage and settlement services under the Ability to Repay/Qualified Mortgage (QM) rule. The language also included in the Financial Choice Act, H.R. 10, which passed the House on June 8, 2017. H.R. 10 is a broader bill to reform the Dodd-Frank Wall Street Reform Act. The Senate is working on similar legislation. RESPRO and our coalition allies are working with Senator Pat Toomey (R-PA) and others on both sides of the aisle in the Senate as well as our friends on both sides in the House to ensure that the language of H.R. 1153 is included in any final Dodd-Frank reform that is enacted.  [more]



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