Mortgage

NAMB calls for full support of the Mortgage Fairness Act of 2017

The trade organization wants to mobilize members to amend TILA

The National Association of Mortgage Brokers wants you!

…To support H.R. 2570, aka the Mortgage Fairness Act of 2017.

“NAMB is focused on educating its members and the public about the importance of the Mortgage Fairness Act of 2017,” NAMB Executive Director Valerie Saunders said in a statement.

“Together we can use our collective voices and voting power to direct congress towards making the right decision to further protect the interests of the mortgage industry and consumers,” she added.

The Mortgage Fairness Act of 2017 aims to amend the Truth in Lending Act by revising the definition of “points and fees” for purposes of determining whether a mortgage is a “high-cost mortgage.”

The new definition would exclude compensation taken into account in setting the interest rate and for which the customer was not separately charged, while including compensation paid by a consumer or creditor to an individual employed by or contracting with a mortgage originator.

The NAMB says these changes are necessary for mending the 3% Qualified Mortgage Rule, which the organization says has a definitional error that under mines competition.

According to NAMB, the formation of the Wall Street Reform and Consumer Protection Act of 2009 is adversely affecting low and moderate-income consumers by distorting the mortgage market delivery system targeted at them. NAMB believes these amendments are crucial to reestablishing healthy market competition that has not existed since the Wall Street Reform and Consumer Protection Act of 2009.

“We have a wealth of resources and thought leaders within our 5,000-member base and encourage anyone with questions about this pressing matter to contact us directly," Saunders said.

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