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Removing Barriers Blog

Letter Sent Prior to Markup in House Financial Services Committee
Posted November 15, 2017 by CUNA Advocacy

Yesterday, the House Financial Services Committee started a multi-day markup of a number of bills.  Prior to the start of the markup, CUNA sent a letter supporting three of the bills

H.R. 1153, the Mortgage Choice Act of 2017, would exclude affiliated title insurance charges and escrowed homeowners’ insurance premiums from the points and fees calculation. This would eliminate confusion about what constitutes a "fee" or a "point" that applies towards a statutory points and fees cap. 

 H.R. 3221, the Securing Access to Affordable Mortgages Act, would provide an exemption from the Truth in Lending Act appraisal requirements for properties with transaction values of $250,000 or less for loans held on portfolio for at least three years. 

H.R. 3978, the TRID Improvement Act of 2017, would amend the Real Estate Settlement Procedures Act (RESPA) to require the CFPB to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers. 

CUNA appreciates the Committee working on these important bills and looks forward to working with them to get these signed into law.  This type of targeted regulatory relief is much needed and will help credit unions support the communities they serve.