NAMB Applauds HFSC Passage of the Mortgage Fairness Act – NMP Skip to main content

NAMB Applauds HFSC Passage of the Mortgage Fairness Act

NationalMortgageProfessional.com
Jul 30, 2018
Mortgage Bankers Association (MBA) President and CEO Robert Broeksmit acknowledged and defended a news report that he successfully lobbied Treasury Secretary Steve Mnuchin

NAMB 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.
NAMB has reported that the House Financial Services Committee has passed the Mortgage Fairness Act of 2017, HR 2570
“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.


 
Published
Jul 30, 2018
Freddie Mac Announces Automation Of Key Underwriting Criteria

GSE says verification of assets, income, and employment increases efficiency and reduces risk

Regulation and Compliance
May 27, 2022
Fed Minutes: Peak Target For Benchmark Rate Is 3.13%

Minutes of May meeting reveal discussion of raising rates faster than anticipated.

Regulation and Compliance
May 26, 2022
Senate Confirms Thompson As FHFA Director

Had held title of interim director since June 2021.

Regulation and Compliance
May 26, 2022
Forum Calls For More Inclusive Access to Homeownership

FHFA, policy experts, and journalists join NAR-Urban Institute discussion on accessibility and affordability challenges.

Regulation and Compliance
May 23, 2022
CRA Impact May Not Be As Profound As Feared

CFPB Director Rohit Chopra tells MBA conference changes shouldn’t be difficult

Regulation and Compliance
May 17, 2022
A UDAAP Expansion

The CFPB’s new memo about consumer complaints

Regulation and Compliance
May 17, 2022