Two of the nation’s leading mortgage industry trade groups are rallying their respective members to influence a pair of bills now working their way through Congress.
NAMB issued a call to action for its members to support H.R. 2570, The Mortgage Fairness Act of 2017. In an e-mail from Chris Bettis, the 2017-18 Chairman of NAMB’s Government Affairs Committee, the bill is described as a “a technical correction that will create greater access to credit for many low to moderate income consumers that have been limited in their home buying options due to affordability and smaller loan amounts.”
Bettis also recorded a YouTube video highlighting the legislation’s goals.
Separately, the Mortgage Bankers Association’s (MBA) Mortgage Action Alliance called for industry professionals to lobby on behalf of S. 2155, The Economic Growth, Regulatory Relief and Consumer Protection Act. The trade group dubbed this a “broad regulatory relief package” with bipartisan supporting, adding in an email plea that the legislation “contains several of MBA’s priorities including: SAFE Act Amendments to create a transitional authority to originate loans, consumer protections for Property Assessed Clean Lending (PACE) loans, relief from HMDA reporting requirements for some institutions, as well as important fixes to TRID. Advocacy from our industry has kept these priorities front and center all year, and we need your help to ensure this legislation has the support it needs for full Senate passage.”