WASHINGTON—The Mortgage Choice Act is back as a bill in the new Congress.
The legislation, introduced by Rep. Bill Huizenga (R-MI), is identical to the bill that was introduced in the previous Congress and passed the House, but did not move in the Senate.
The bill has the backing of the credit union trade associations and would adjust the Truth in Lending Act mortgage rules by exempting from the qualified mortgage cap on points and fees any affiliated title charges and escrow charges for taxes and insurance.
“We thank Rep. Huizenga, the bill’s cosponsors and staff for their leadership and efforts in helping ensure that the points-and-fees definition for mortgages doesn’t push low- and moderate-income people from obtaining QM loans from credit unions,” said NAFCU’s Brad Thaler in a statement.
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