NAMB has praised the House of Representative for passing HR 1153, the Mortgage Choice Act
, which is designed to amend the Truth-in-Lending Act (TILA) to specify that neither escrow charges for insurance nor affiliated title charges shall be considered "points and fees" for purposes of determining whether a mortgage is a "high-cost mortgage."
NAMB President John G. Stevens called the bill “an important step toward creating a regulatory environment so that the housing market can thrive.” Stevens added over-regulation and regulation by enforcement resulted in swelling the costs of creating a mortgage to “close to $8,000, when historic costs were about half that amount.”
The bill, which was introduced by Rep. Bill Huizenga (R-MI) with bipartisan co-sponsorship, passed by a 280-131 vote on Feb. 8. However, no companion bill has been introduced in the Senate.