Bill That Modifies Definition Of Mortgage Originator, High-Cost Mortgage Passes House

WASHINGTON—The House has passed a bill that would modify the definitions of a mortgage originator and a high-cost mortgage to ensure that consumers of small-balance mortgage loans, including manufactured housing loans, will have access to credit.
The bill, the Preserving Access to Manufactured Housing Act of 2017 (HR 1699), passed by a vote of 256-163. The measure, authored by House Financial Services Subcommittee Chairman Andy Barr (R-KY) now awaits Senate action. reported.
"NAFCU thanks members of the House for passing this bill and recognizing the various burdens financial institutions – including credit unions – face when serving their members," said NAFCU Vice President of Legislative Affairs Brad Thaler.
NAFCU said that it continues to work with lawmakers in the both the House and Senate to advance legislation that would provide regulatory relief to credit unions.