has reported that the House Financial Services Committee has passed the Mortgage Fairness Act of 2017, HR 2570
, a bill that will now better serve consumers and Mortgage Brokers throughout the United States
Introduced on May 19, 2017 by Rep. Bill Posey, HR 2570
amends the Truth-in-Lending Act (TILA) to revise the definition of “points and fees” under a high-cost mortgage.
“The passage of the Mortgage Fairness Act of 2017 marks a great day for our industry,” said Valerie J. Saunders, Executive Director of NAMB. “As a past Government Affairs Chair of NAMB, I would like to personally express the utmost gratitude for the leadership expressed on this bill by Congressman Jeb Hensarling, Chairman of the House Financial Services Committee, Congressman Blaine Luetkemeyer and Congressman Bill Posey, as the bill's sponsor, as they led the committee’s efforts to pass this critical piece of legislation. I am also very proud of the tireless energy the extended NAMB team put forth in this process as they played a large role in this successful effort.”
NAMB believes legislative changes made are necessary to amend the three percent Qualified Mortgage Rule. The House Financial Services Committee vote is the first step in correcting a definitional error that occurred while formulating the Qualified Mortgage definitions of the Wall Street Reform and Consumer Protection Act of 2009 (HR 4173) which remains unaddressed and is in urgent need of correction. This error continues to cause unintended consequences for low- and moderate-income consumers by distorting the mortgage market delivery system targeted toward them.