Let Valuation Tech Help Improve Your Collateral Valuation

Join this webinar to learn how technological advancements in valuation provide solutions to help lenders and servicers deliver more comprehensive offerings to their clients.

Talking proptech with FinLedger Director Holden Page

In this episode, Page discusses the hottest topics coming across FinLedger’s news desk. Topics include: the online banking market, what’s happening in the proptech space and recent private market deals.

engage.marketing 2021

We brought together the smartest minds in purchase marketing to share the insights, tactics and strategies that set the leaders apart. Watch the sessions on-demand now!

How Rocket Pro TPO continues to give its broker partners the upper hand

To remain competitive and create a better experience in this purchase environment, brokers need one thing above all: Speed. And there’s one lending partner that has the solutions and resources to give LOs just that.


Mortgage lending and finance industry get boost in housing regulatory reform bills

House passes slate of bipartisan bills to ease burden, encourage homebuying

The home lending and mortgage finance industry saw big gains this week on Capitol Hill, as a number of bipartisan bills from the House Financial Services Committee were passed during “Financial Independence Week.”

“The American dream for so many low and moderate income Americans is that one day they can achieve financial independence,” said 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.”

Among the most important was the Mortgage Choice Act, which passed by a vote of 286-140. The Mortgage Choice Act of 2015 by U.S. Rep. Bill Huizenga, R-Mich., amends and clarifies the qualified mortgage definition in the Dodd-Frank Wall Street Reform and Consumer Protection Act. It also adjusts 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.

“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.”

Another salient bill passed Tuesday was H.R. 650, the Preserving Access to Manufactured Housing Act, which supporters say ensures consumers – especially low and moderate-income consumers – can continue to have access to affordable manufactured housing.  This bipartisan legislation continues existing consumer protections, including protections that prohibit steering consumers to predatory loans.

It passed the House on April 14 by a vote of 263-162.

Smaller credit unions got a boost with the passage of H.R. 299, the Capital Access for Small Community Financial Institutions Act, which allows privately insured state chartered credit unions to apply for membership in the Federal Home Loan Bank System, which would help them better serve the financial needs of consumers. 

Rural lenders benefit from H.R. 1259, the Helping Expand Lending Practices in Rural Communities Act, which provides a petition process for areas to be designated as rural for the purpose of federal consumer financial laws, which could enable more loans to rural borrowers to qualify for special treatment under CFPB rules. 

H.R. 1259 passed the House on April 13 by a vote of 401-1.

Al these bills now go to the Senate for the next step in the arduous lawmaking process.

Most Popular Articles

Will we ever see a “normal” housing market again?

The question on everyone’s minds: When will this hot housing market cool down? Arch MI investigates this and more in its Spring Housing and Mortgage Market Review.

Jun 22, 2021 By

Latest Articles

TitleWave launches Colorado branch

TitleWave Real Estate Solutions of Florida has announced a new location in Colorado, as well as the launch of its title and search report technology.

Jun 24, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please