What is House Bill H.R. 1153?
Cost of House Bill H.R. 1153
In-Depth: Sponsoring Rep. Bill Huizenga (R-MI) reintroduced this bill to modify the definition of points and fees for qualified mortgages after drafting a similar version passed the House on a 286-140 vote during the last Congress.
The National Association of Federally-Insured Credit Unions urged support for this bill, writing that it "endeavors to restore a full and open competitive market by clarifying the definition of fees and points" and "In doing so, the legislation will ensure consumers more [have] choices in credit providers and settlement service options."
Some House Democrats expressed opposition to this bill saying it "would return consumers to the days before the enactment of the Dodd-Frank Act, when the true cost of a loan -- inclusive of all costs and fees that the borrower would incur -- could be obscured on mortgage documents, and before all lenders had to make sure that borrowers actually had the ability to pay back the full cost of a mortgage when it was originated."
Mortgage Choice Act of 2017
To amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction.
- Not enactedThe President has not signed this bill
- The senate has not voted
Committee on Banking, Housing, and Urban Affairs
- senate Committees
- The house Passed February 8th, 2018Roll Call Vote 280 Yea / 131 Nay
Committee on Financial ServicesIntroducedFebruary 16th, 2017
- house Committees