Best automation opportunities for loan processing

Join our expert panelists to learn how lenders can achieve their goals using the integration of intelligent document automation and RPA technology.

4 Strategies to Strengthen Customer Relationships

Discover the right strategies to execute fast-acting campaigns, track results and improve your bottom line – all while strengthening customer relationships.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Mortgage

Houses passes Mortgage Choice Act of 2015 by 286-140

Bipartisan bill would reform mortgage regulations

A bill to reform mortgage industry regulations was approved by the House of Representatives late Tuesday afternoon.

House members from both parties voted 286-140 to pass H.R. 685, the Mortgage Choice Act of 2015, which was reintroduced earlier this year after dying in the last Congress despite bipartisan support.

"The American dream for so many low- and moderate-income Americans is that one day they can achieve financial independence,” said House Financial Services Committee Chairman Jeb Hensarling, R-Texas. “We are trying to ensure that low- and moderate-income Americans have convenience, that they have choice, that they have lower prices.”

The Mortgage Choice Act of 2015 by U.S. Rep. Bill Huizenga, R-Mich., — like the Mortgage Choice Act of 2014 — would amend and clarify the qualified mortgage definition in the the Dodd-Frank Wall Street Reform and Consumer Protection Act, thereby improving access to credit and qualified mortgages for low- and moderate-income borrowers while protecting consumers from bad loans. 

 “A qualified mortgage is the gold standard of home loans. Hardworking families should not be denied access to a qualified mortgage because of technicalities that are largely out of their control," Huizenga said after the passage. "The Mortgage Choice Act enacts commonsense reforms to Dodd Frank making it possible for low- and middle-income families to achieve a portion of the American Dream. I am glad to see strong bipartisan support for the effort to make homeownership an attainable goal.”

The Mortgage Choice Act of 2015 would also adjust the Truth in Lending Act definition of fees and points by exempting points and fees on any affiliated title charges and escrow charges for taxes and insurance from the qualified mortgage cap on points and fees.

Most housing financial and housing trade groups support the Mortgage Choice Act, including the Mortgage Bankers Association, the National Association of Federal Credit Unions, the Mortgage Lenders Association, the Consumer Mortgage Coalition, the Credit Union National Association, the National Association of Home Builders, the Real Estate Services Providers Council, the Realty Alliance and the National Association of Realtors.

Supporters say that by amending the definition of points and fees in this manner, the legislation will:

  • promote the availability of safe and affordable mortgage credit;
  • maintain a competitive marketplace,
  • prevent higher prices or the withdrawal of affiliated title service providers in low- and moderate-income marketplaces; and
  • preserve the ability of consumers to choose the benefits of one-stop shopping when they purchase or refinance their home.

The measure now goes to the Senate, where it will likely get a warmer reception than the version passed last year.

Most Popular Articles

Chopra warns of post-COVID housing market fallout

Rohit Chopra warned of housing market fallout and said he would focus on helping struggling homeowners at his Senate Confirmation hearing.

Mar 03, 2021 By

Latest Articles

Plaid unveils Income to aid customer finance

Plaid’s Income simplifies income verification so customers and mortgage lenders can secure loans, qualify for mortgages, and rent apartments.

Mar 04, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please