79–006 

115TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 1st Session 115–416 

PRESERVING ACCESS TO MANUFACTURED HOUSING ACT 

OF 2017 

NOVEMBER 21, 2017.—Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 

Mr. HENSARLING, from the Committee on Financial Services, 

submitted the following 

R E P O R T 

together with 

MINORITY VIEWS 

[To accompany H.R. 1699] 

[Including cost estimate of the Congressional Budget Office] 

The Committee on Financial Services, to whom was referred the 

bill (H.R. 1699) to amend the Truth in Lending Act to modify the 

definitions of a mortgage originator and a high-cost mortgage, to 

amend the Secure and Fair Enforcement for Mortgage Licensing 

Act of 2008 to modify the definition of a loan originator, and for 

other purposes, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. 

PURPOSE AND SUMMARY

Introduced by Representative Andy Barr on March 23, 2017, 

H.R. 1699, the ‘‘Preserving Access to Manufactured Housing Act of 

2017’’, amends Section 103 of the Truth in Lending Act (TILA) (15 

U.S.C. 1602) to clarify that retailers of manufactured homes, or 

their employees, are not ‘‘mortgage originators’’ for purposes of the 

TILA unless these retailers or their employees receive compensation from a lender, mortgage broker, or loan originator. The bill 

also amends the Section 1503 of the Secure and Fair Enforcement 

for Mortgage Licensing (SAFE) Act of 2008 (12 U.S.C. 5102) to 

specify that such a retailer is generally not a ‘‘loan originator’’ subject to requirements under that Act. 

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The bill also revises the Consumer Financial Protection Bureau’s 

(CFPB) definition of ‘‘high cost mortgages,’’ and adjusts the Home 

Ownership and Equity Protection Act (HOEPA) high-cost mortgage 

thresholds for a first mortgage of less than $75,000 on a dwelling 

that is not real property to: (1) an Annual Percentage Rate (APR) 

that will exceed the average prime offer rate by more than 10 percentage points, or (2) points and fees that will exceed the greater 

of 5 percent of the total transaction amount or $3,000. 

BACKGROUND AND NEED FOR LEGISLATION

In 1994 Congress amended, and President Clinton signed into 

law, amendments to TILA, known as HOEPA, to address abusive 

practices in mortgage re-financings and closed-end home equity 

loans with high interest rates or high fees. Since HOEPA’s enactment, re-financings or home equity mortgage loans meeting any of 

HOEPA’s high-cost coverage tests have been subject to special disclosure requirements and restrictions on loan terms, and HOEPA 

provides enhanced remedies to consumers with high-cost mortgages 

for violations of the law. HOEPA identifies a class of high-cost 

mortgage loans through rate and fee triggers, and it provides consumers that enter into these transactions with special protections. 

On January 10, 2013, the CFPB issued a final rule to implement 

the changes to HOEPA mandated by the Dodd-Frank Wall Street 

Reform and Consumer Protection Act (P.L. 111–203). The DoddFrank Act expanded HOEPA’s scope to include purchase money 

mortgage loans and home equity lines of credit. Previously HOEPA 

only applied to re-financings and home equity installment loans. 

Additionally, the Dodd-Frank Act, and the implementing rule, 

amends the tests used to determine whether a loan is ‘high cost’ 

under HOEPA. Previously a loan was covered by HOEPA if the annual percentage rate (APR) exceeded the rate for Treasury securities with a comparable maturity by more than 10 percentage 

points, or if the points and fees paid by the consumer exceeded the 

greater of 8 percent of the loan amount or $400. The $400 figure, 

set in 1994, was adjusted annually based on the Consumer Price 

Index. The Dodd-Frank Act, and the implementing rule, lowered 

the rate threshold for HOEPA coverage. Under the new regime, a 

loan will be covered by HOEPA if the APR applicable to the transaction exceeds the average prime offer rate (APOR) for a comparable transaction by more than 6.5 percent for a first-lien mortgage, or by more than 8.5 percent for a first-lien mortgage if the 

transaction is for less than $50,000. Additionally, the Dodd-Frank 

Act, and the implementing rule, reduces the total amount of points 

and fees that would trigger HOEPA coverage. A loan will be covered by HOEPA if the points and fees associated with the transaction exceed 5 percent of the total loan amount for a loan greater 

than or equal to $20,000; or 8 percent of the total loan amount or 

$1,000 (whichever is less) for a loan less than $20,000. 

H.R. 1699 clarifies that a manufactured home sales person is not 

originating a loan when it assists a consumer apply for a mortgage 

or prepare loan information, unless they receive compensation from 

a creditor, lender or mortgage broker. The legislation also improves 

the ‘‘high cost’’ mortgage definition by slightly increasing the maximum interest rate and points and fees cap for manufactured loans 

that are provided for less than $75,000 in order to preserve access 

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to mortgage credit for low and moderate-income consumers who are 

seeking to buy a manufactured home. 

In a statement in support for H.R. 1699 dated March 24, 2017, 

the Manufactured Housing Institute wrote: 

Recent Home Mortgage Disclosure Act data shows that 

consumers have been shut out of the market for quality, 

affordable housing because regulations have decreased the 

availability of financing for manufactured homes, which 

are a vital source of affordable housing for millions of lowand moderate-income families across the country . . . 

. . . H.R. 1699 modifies the definition of ‘‘high-cost’’ 

loans so that manufactured home loans are not unfairly 

swept under this designation simply due to their small 

size. The provision of the Dodd-Frank Act that established 

parameters for which mortgage loans are classified as 

‘‘high cost’’ included more flexible annual percentage rate 

(APR) and points and fees provisions for small loans. This 

was in recognition of the simple mathematical fact that 

fixed costs on smaller loans translate into higher percentages of the total loan. In practice, this flexibility has not 

been sufficient to address market realities. Thus, some 

manufactured housing lenders have exited the market and 

others are no longer offering smaller dollar amount (and 

most affordable) loans. 

In a letter of support for H.R. 1699 dated May 1, 2017, the Mortgage Bankers Association wrote: 

[H.R. 1699] would allow more low-balance loans to fit 

within the cap on points and fees under the Home Ownership and Equity Protection Act by revising those triggers. 

This will allow more consumers, particularly on the lower 

end of the economic spectrum, to gain access to safe and 

affordable mortgage credit. 

In a letter of support for H.R. 1699 dated October 11, 2017, the 

National Association of Federal Credit Unions Inc. wrote: 

[H.R. 1699] 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 credit. Working 

families across the country, particularly in rural America, 

depend on access to financing for affordable manufactured 

homes and this bill addresses an impo1tant barrier to 

entry in the marketplace. 

HEARINGS

The Committee on Financial Services held a hearing examining 

matters relating to H.R. 1699 on April 5, 2017, April 26, 2017 and 

April 28, 2017. 

COMMITTEE CONSIDERATION

The Committee on Financial Services met in open session on October 11 and 12, 2017 and ordered H.R. 1699 to be reported favorVerDate Sep 11 2014 05:00 Nov 22, 2017 Jkt 079006 PO 00000 Frm 00003 Fmt 6659 Sfmt 6602 E:\HR\OC\HR416.XXX HR416
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ably to the House as amended by a recorded vote of 42 yeas to 18 

nays (Record vote no. FC–75), a quorum being present. 

COMMITTEE VOTES

Clause 3(b) of rule XIII of the Rules of the House of Representatives requires the Committee to list the record votes on the motion 

to report legislation and amendments thereto. The sole recorded 

vote was on a motion by Chairman Hensarling to report the bill favorably to the House as amended. The motion was agreed to by a 

recorded vote of 42 yeas to 18 nays (Record vote no. FC–75), a 

quorum being present. 

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Insert graphic folio 5 HR416.001
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COMMITTEE OVERSIGHT FINDINGS

Pursuant to clause 3(c)(1) of rule XIII of the Rules of the House 

of Representatives, the findings and recommendations of the Committee based on oversight activities under clause 2(b)(1) of rule X 

of the Rules of the House of Representatives, are incorporated in 

the descriptive portions of this report. 

PERFORMANCE GOALS AND OBJECTIVES

Pursuant to clause 3(c)(4) of rule XIII of the Rules of the House 

of Representatives, the Committee states that H.R. 1699 will alter 

certain definitions contained within the Truth in Lending Act and 

Secure and Fair Enforcement for Mortgage Licensing Act to ensure 

that consumers of small-balance residential loans have access to 

mortgage credit. 

NEW BUDGET AUTHORITY, ENTITLEMENT AUTHORITY, AND TAX

EXPENDITURES

In compliance with clause 3(c)(2) of rule XIII of the Rules of the 

House of Representatives, the Committee adopts as its own the estimate of new budget authority, entitlement authority, or tax expenditures or revenues contained in the cost estimate prepared by 

the Director of the Congressional Budget Office pursuant to section 

402 of the Congressional Budget Act of 1974. 

CONGRESSIONAL BUDGET OFFICE ESTIMATES

Pursuant to clause 3(c)(3) of rule XIII of the Rules of the House 

of Representatives, the following is the cost estimate provided by 

the Congressional Budget Office pursuant to section 402 of the 

Congressional Budget Act of 1974: 

U.S. CONGRESS, 

CONGRESSIONAL BUDGET OFFICE, 

Washington, DC, November 21, 2017. 

Hon. JEB HENSARLING, 

Chairman, Committee on Financial Services, 

House of Representatives, Washington, DC. 

DEAR MR. CHAIRMAN: The Congressional Budget Office has prepared the enclosed cost estimate for H.R. 1699, the Preserving Access to Manufactured Housing Act of 2017. 

If you wish further details on this estimate, we will be pleased 

to provide them. The CBO staff contact is Stephen Rabent. 

Sincerely, 

MARK P. HADLEY

(For Keith Hall). 

Enclosure. 

H.R. 1699—Preserving Access to Manufactured Housing Act of 2017 

H.R. 1699 would amend the Truth in Lending Act (TILA) and the 

SAFE Mortgage Licensing Act to change the definitions of mortgage originator, loan originator, and high-cost mortgage. Under 

TILA, employees of manufactured-home retailers that do not accept 

residential mortgage loan applications, offer or negotiate terms of 

loans, or advise consumers on loan terms are excluded from the 

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definition of mortgage originator. H.R. 1699 would broaden that exception to include retailers of manufactured homes and their employees, as long as they receive no more compensation for selling 

a home with a mortgage than they would for selling the same home 

for cash. The bill also would amend the SAFE Mortgage Licensing 

Act to exempt the same people from the definition of loan originator. 

TILA also provides special protections, such as restrictions on 

certain fees, to consumers who are offered high-cost mortgages. 

H.R. 1699 would increase the amount an originator or creditor 

could charge in interest rates and fees for a loan on manufactured 

housing before the loan would be considered a high-cost mortgage. 

Based on an analysis of information from the Consumer Financial Protection Bureau, CBO estimates that enacting H.R. 1699 

would increase direct spending by less than $500,000 for that agency to implement the proposed changes to TILA and the SAFE Mortgage Licensing Act. Because enacting the bill would affect direct 

spending, pay-as-you-go procedures apply. Enacting the bill would 

not affect revenues. 

CBO estimates that enacting H.R. 1699 would not increase net 

direct spending or on-budget deficits in any of the four consecutive 

10-year periods beginning in 2028. 

H.R. 1699 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. 

The CBO staff contact for this estimate is Stephen Rabent. The 

estimate was approved by H. Samuel Papenfuss, Deputy Assistant 

Director for Budget Analysis. 

FEDERAL MANDATES STATEMENT

This information is provided in accordance with section 423 of 

the Unfunded Mandates Reform Act of 1995. 

The Committee has determined that the bill does not contain 

Federal mandates on the private sector. The Committee has determined that the bill does not impose a Federal intergovernmental 

mandate on State, local, or tribal governments. 

ADVISORY COMMITTEE STATEMENT

No advisory committees within the meaning of section 5(b) of the 

Federal Advisory Committee Act were created by this legislation. 

APPLICABILITY TO LEGISLATIVE BRANCH

The Committee finds that the legislation does not relate to the 

terms and conditions of employment or access to public services or 

accommodations within the meaning of the section 102(b)(3) of the 

Congressional Accountability Act. 

EARMARK IDENTIFICATION

With respect to clause 9 of rule XXI of the Rules of the House 

of Representatives, the Committee has carefully reviewed the provisions of the bill and states that the provisions of the bill do not 

contain any congressional earmarks, limited tax benefits, or limited 

tariff benefits within the meaning of the rule. 

8 

DUPLICATION OF FEDERAL PROGRAMS

In compliance with clause 3(c)(5) of rule XIII of the Rules of the 

House of Representatives, the Committee states that no provision 

of the bill establishes or reauthorizes: (1) a program of the Federal 

Government known to be duplicative of another Federal program; 

(2) a program included in any report from the Government Accountability Office to Congress pursuant to section 21 of Public 

Law 111–139; or (3) a program related to a program identified in 

the most recent Catalog of Federal Domestic Assistance, published 

pursuant to the Federal Program Information Act (Pub. L. No. 95– 

220, as amended by Pub. L. No. 98–169). 

DISCLOSURE OF DIRECTED RULEMAKING

Pursuant to section 3(i) of H. Res. 5 (115th Congress) the following statement is made concerning directed rulemakings: The 

Committee estimates that the bill requires no directed rulemakings 

within the meaning of such section. 

SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION

Section 1. Short title 

This section cites H.R. 1699 as the ‘Preserving Access to Manufactured Housing Act of 2017.’ 

Section 2. Mortgage and loan originator definition 

This section amends section 103 of the Truth in Lending Act 

(P.L. 90–321) to specify that the definition of ‘mortgage originator’ 

does not include any person who is a retailer of manufactured or 

modular homes unless the retailer or its employees receive compensation for taking a residential mortgage loan application, assisting a consumer in obtaining or applying to obtain a residential 

mortgage loan, or offering or negotiating terms of a residential 

mortgage loan that is in excess of any compensation or gain received in a comparable cash transaction. 

This section amends section 1503 of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (P.L. 110–289) to specify 

that the definition of ‘loan originator’ does not include a retailer of 

manufactured or modular homes or its employees unless such retailer or its employees receive compensation or gain for engaging 

in activities related to taking a residential mortgage loan application, and offering or negotiating terms of a residential mortgage 

loan for compensation or gain, that is in excess of any compensation or gain received in a comparable cash transaction. 

Section 3. High-cost mortgage definition 

This section amends section 103 of the Truth in Lending Act 

(P.L. 90–321), as added by the Dodd-Frank Wall Street Reform and 

Consumer Protection Act (P.L. 111–203), to clarify that a first 

mortgage on a consumer’s principal dwelling that is considered personal property will be considered a ‘high-cost mortgage’ if the annual percentage rate at consummation of the transaction will exceed the average prime offer rate for a comparable transaction by 

more than 10 percentage points, in the case of a transaction in an 

amount of $75,000 or less. This section would also amend the defiVerDate Sep 11 2014 05:00 Nov 22, 2017 Jkt 079006 PO 00000 Frm 00008 Fmt 6659 Sfmt 6602 E:\HR\OC\HR416.XXX HR416
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nition of ‘high-cost mortgage’ to include a transaction for less than 

$75,000 in which the dwelling is personal property and the total 

points and fees payable in connection with the transaction, other 

than bona fide third party charges not retained by the mortgage 

originator, creditor, or an affiliate of the creditor or mortgage originator, exceed the greater of 5 percent of the total transaction 

amount or $3,000. This section authorizes the CFPB to adjust such 

amounts to reflect the change in the Consumer Price Index. 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, 

and existing law in which no change is proposed is shown in 

roman): 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, 

and existing law in which no change is proposed is shown in 

roman): 

TRUTH IN LENDING ACT 

* * * * * * * 

TITLE I—CONSUMER CREDIT COST 

DISCLOSURE 

* * * * * * * 

CHAPTER 1—GENERAL PROVISIONS 

* * * * * * * 

§ 103. Definitions and rules of construction 

(a) The definitions and rules of construction set forth in this section are applicable for the purposes of this title. 

(b) BUREAU.—The term ‘‘Bureau’’ means the Bureau of Consumer 

Financial Protection. 

(c) The term ‘‘Bureau’’ refers to the Bureau of Governors of the 

Federal Reserve System. 

(d) The term ‘‘organization’’ means a corporation, government or 

governmental subdivision or agency, trust, estate, partnership, cooperative, or association. 

(e) The term ‘‘person’’ means a natural person or an organization. 

(f) The term ‘‘credit’’ means the right granted by a creditor to a 

debtor to defer payment of debt or to incur debt and defer its payment. 

(g) The term ‘‘creditor’’ refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property 

or services, or otherwise, consumer credit which is payable by 

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agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction 

is initially payable on the face of the evidence of indebtedness or, 

if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end 

credit plan involving a credit card, the card issuer and any person 

who honors the credit card and offers a discount which is a finance 

charge are creditors. For the purpose of the requirements imposed 

under chapter 4 and sections 127(a)(5), 127(a)(6), 127(a)(7), 

127(b)(1), 127(b)(2), 127(b)(3), 127(b)(8), and 127(b)(10) of chapter 2 

of this title, the term ‘‘creditor’’ shall also include card issuers 

whether or not the amount due is payable by agreement in more 

than four installments or the payment of a finance charge is or 

may be required, and the Bureau shall, by regulation, apply these 

requirements to such card issuers, to the extent appropriate, even 

though the requirements are by their terms applicable only to 

creditors offering open-end credit plans. Any person who originates 

2 or more mortgages referred to in subsection (aa) in any 12-month 

period or any person who originates 1 or more such mortgages 

through a mortgage broker shall be considered to be a creditor for 

purposes of this title. The term ‘‘creditor’’ includes a private educational lender (as that term is defined in section 140) for purposes 

of this title. 

(h) The term ‘‘credit sale’’ refers to any sale in which the seller 

is a creditor. The term includes any contract in the form of a bailment or lease if the bailee or lessee contracts to pay as compensation for use a sum substantially equivalent to or in excess of the 

aggregate value of the property and services involved and it is 

agreed that the bailee or lessee will become, or for no other or a 

nominal consideration has the option to become, the owner of the 

property upon full compliance with his obligations under the contract. 

(i) The adjective ‘‘consumer’’, used with reference to a credit 

transaction, characterizes the transaction as one in which the party 

to whom credit is offered or extended is a natural person, and the 

money, property, or services which are the subject of the transaction are primarily for personal, family, or household purposes. 

(j) The terms ‘‘open end credit plan’’ and ‘‘open end consumer 

credit plan’’ mean a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of 

such transactions, and which provides for a finance charge which 

may be computed from time to time on the outstanding unpaid balance. A credit plan or open end consumer credit plan which is an 

open end credit plan or open end consumer credit plan within the 

meaning of the preceding sentence is an open end credit plan or 

open end consumer credit plan even if credit information is verified 

from time to time. 

(k) The term ‘‘adequate notice’’, as used in section 133, means a 

printed notice to a cardholder which sets forth the pertinent facts 

clearly and conspicuously so that a person against whom it is to 

operate could reasonably be expected to have noticed it and understood its meaning. Such notice may be given to a cardholder by 

printing the notice on any credit card, or on each periodic stateVerDate Sep 11 2014 05:00 Nov 22, 2017 Jkt 079006 PO 00000 Frm 00010 Fmt 6659 Sfmt 6602 E:\HR\OC\HR416.XXX HR416
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ment of account, issued to the cardholder, or by any other means 

reasonably assuring the receipt thereof by the cardholder. 

(l) The term ‘‘credit card’’ means any card, plate, coupon book or 

other credit device existing for the purpose of obtaining money, 

property, labor, or services on credit. 

(m) The term ‘‘accepted credit card’’ means any credit card which 

the cardholder has requested and received or has signed or has 

used, or authorized another to use, for the purpose of obtaining 

money, property, labor, or services on credit. 

(n) The term ‘‘cardholder’’ means any person to whom a credit 

card is issued or any person who has agreed with the card issuer 

to pay obligations arising from the issuance of a credit card to another person. 

(o) The term ‘‘card issuer’’ means any person who issues a credit 

card, or the agent of such person with respect to such card. 

(p) The term ‘‘unauthorized use’’, as used in section 133, means 

a use of a credit card by a person other than the cardholder who 

does not have actual, implied, or apparent authority for such use 

and from which the cardholder receives no benefit. 

(q) The term ‘‘discount’’ as used in section 167 means a reduction 

made from the regular price. The term ‘‘discount’’ as used in section 167 shall not mean a surcharge. 

(r) The term ‘‘surcharge’’ as used in section 103 and section 167 

means any means of increasing the regular price to a cardholder 

which is not imposed upon customers paying by cash, check, or 

similar means. 

(s) The term ‘‘State’’ refers to any State, the Commonwealth of 

Puerto Rico, the District of Columbia, and any territory or possession of the United States. 

(t) The term ‘‘agricultural purposes’’ includes the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a natural person who cultivates, 

plants, propagates, or nurtures those agricultural products, including but not limited to the acquisition of farmland, real property 

with a farm residence, and personal property and services used primarily in farming. 

(u) The term ‘‘agricultural products’’ includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any products 

thereof, including processed and manufactured products, and any 

and all products raised or produced on farms and any processed or 

manufactured products thereof. 

(v) The term ‘‘material disclosures’’ means the disclosure, as required by this title, of the annual percentage rate, the method of 

determining the finance charge and the balance upon which a finance charge will be imposed, the amount of the finance charge, 

the amount to be financed, the total of payments, the number and 

amount of payments, the due dates or periods of payments scheduled to repay the indebtedness, and the disclosures required by section 129(a). 

(w) The term ‘‘dwelling’’ means a residential structure or mobile 

home which contains one to four family housing units, or individual 

units of condominiums or cooperatives. 

(x) The term ‘‘residential mortgage transaction’’ means a transaction in which a mortgage, deed of trust, purchase money security 

12 

interest arising under an installment sales contract, or equivalent 

consensual security interest is created or retained against the consumer’s dwelling to finance the acquisition or initial construction of 

such dwelling. 

(y) As used in this section and section 167, the term ‘‘regular 

price’’ means the tag or posted price charged for the property or 

service if a single price is tagged or posted, or the price charged 

for the property or service when payment is made by use of an 

open-end credit plan or a credit card if either (1) no price is tagged 

or posted, or (2) two prices are tagged or posted, one of which is 

charged when payment is made by use of an open-end credit plan 

or a credit card and the other when payment is made by use of 

cash, check, or similar means. For purposes of this definition, payment by check, draft, or other negotiable instrument which may result in the debiting of an open-end credit plan or a credit cardholder’s open-end account shall not be considered payment made by 

use of the plan or the account. 

(z) Any reference to any requirement imposed under this title or 

any provision thereof includes reference to the regulations of the 

Bureau under this title or the provision thereof in question. 

ø(bb)¿ (aa) HIGH-COST MORTGAGE.— 

(1) DEFINITION.— 

(A) IN GENERAL.—The term ‘‘high-cost mortgage’’, and a 

mortgage referred to in this subsection, means a consumer 

credit transaction that is secured by the consumer’s principal dwelling, other than a reverse mortgage transaction, 

if— 

(i) in the case of a credit transaction secured— 

(I) by a first mortgage on the consumer’s principal dwelling, the annual percentage rate at consummation of the transaction will exceed by more 

than 6.5 percentage points ø(8.5 percentage 

points, if the dwelling is personal property and 

the transaction is for less than $50,000)¿ (10 percentage points if the dwelling is personal property 

or is a transaction that does not include the purchase of real property on which a dwelling is to be 

placed, and the transaction is for less than 

$75,000 (as such amount is adjusted by the Bureau to reflect the change in the Consumer Price 

Index)) the average prime offer rate, as defined in 

section 129C(b)(2)(B), for a comparable transaction; or 

(II) by a subordinate or junior mortgage on the 

consumer’s principal dwelling, the annual percentage rate at consummation of the transaction will 

exceed by more than 8.5 percentage points the average prime offer rate, as defined in section 

129C(b)(2)(B), for a comparable transaction; 

(ii) the total points and fees payable in connection 

with the transaction, other than bona fide third party 

charges not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator, exceed— 

13 

(I) in the case of a transaction for $20,000 or 

more, 5 percent of the total transaction amount; 

øor¿ 

(II) in the case of a transaction for less than 

$20,000, the lesser of 8 percent of the total transaction amount or $1,000 (or such other dollar 

amount as the Bureau shall prescribe by regulation); or 

(III) notwithstanding subclauses (I) and (II), in 

the case of a transaction for less than $75,000 (as 

such amount is adjusted by the Bureau to reflect 

the change in the Consumer Price Index) in which 

the dwelling is personal property (or is a consumer 

credit transaction that does not include the purchase of real property on which a dwelling is to be 

placed) the greater of 5 percent of the total transaction amount or $3,000 (as such amount is adjusted by the Bureau to reflect the change in the 

Consumer Price Index); or 

(iii) the credit transaction documents permit the 

creditor to charge or collect prepayment fees or penalties more than 36 months after the transaction closing or such fees or penalties exceed, in the aggregate, 

more than 2 percent of the amount prepaid. 

(B) INTRODUCTORY RATES TAKEN INTO ACCOUNT.—For 

purposes of subparagraph (A)(i), the annual percentage 

rate of interest shall be determined based on the following 

interest rate: 

(i) In the case of a fixed-rate transaction in which 

the annual percentage rate will not vary during the 

term of the loan, the interest rate in effect on the date 

of consummation of the transaction. 

(ii) In the case of a transaction in which the rate of 

interest varies solely in accordance with an index, the 

interest rate determined by adding the index rate in 

effect on the date of consummation of the transaction 

to the maximum margin permitted at any time during 

the loan agreement. 

(iii) In the case of any other transaction in which 

the rate may vary at any time during the term of the 

loan for any reason, the interest charged on the transaction at the maximum rate that may be charged during the term of the loan. 

(C) MORTGAGE INSURANCE.—For the purposes of computing the total points and fees under paragraph (4), the 

total points and fees shall exclude— 

(i) any premium provided by an agency of the Federal Government or an agency of a State; 

(ii) any amount that is not in excess of the amount 

payable under policies in effect at the time of origination under section 203(c)(2)(A) of the National Housing 

Act (12 U.S.C. 1709(c)(2)(A)), provided that the premium, charge, or fee is required to be refundable on 

a pro-rated basis and the refund is automatically 

14 

issued upon notification of the satisfaction of the underlying mortgage loan; and 

(iii) any premium paid by the consumer after closing. 

(2)(A) After the 2-year period beginning on the effective date of 

the regulations promulgated under section 155 of the Riegle Community Development and Regulatory Improvement Act of 1994, 

and no more frequently than biennially after the first increase or 

decrease under this subparagraph, the Bureau may by regulation 

increase or decrease the number of percentage points specified in 

paragraph (1)(A), if the Bureau determines that the increase or decrease is— 

(i) consistent with the consumer protections against abusive 

lending provided by the amendments made by subtitle B of 

title I of the Riegle Community Development and Regulatory 

Improvement Act of 1994; and 

(ii) warranted by the need for credit. 

(B) An increase or decrease under subparagraph (A)— 

(i) may not result in the number of percentage points referred to in paragraph (1)(A)(i)(I) being less than 6 percentage points or greater than 10 percentage points; and 

(ii) may not result in the number of percentage points 

referred to in paragraph (1)(A)(i)(II) being less than 8 percentage points or greater than 12 percentage points. 

(C) In determining whether to increase or decrease the number 

of percentage points referred to in subparagraph (A), the Bureau 

shall consult with representatives of consumers, including low-income consumers, and lenders. 

(3) The amount specified in paragraph (1)(B)(ii) shall be adjusted 

annually on January 1 by the annual percentage change in the 

Consumer Price Index, as reported on June 1 of the year preceding 

such adjustment. 

(4) For purposes of paragraph (1)(B), points and fees shall include— 

(A) all items included in the finance charge, except interest 

or the time-price differential; 

(B) all compensation paid directly or indirectly by a consumer or creditor to a mortgage originator from any source, including a mortgage originator that is also the creditor in a 

table-funded transaction; 

(C) each of the charges listed in section 106(e) (except an escrow for future payment of taxes), unless— 

(i) the charge is reasonable; 

(ii) the creditor receives no direct or indirect compensation; and 

(iii) the charge is paid to a third party unaffiliated with 

the creditor; and 

(D) premiums or other charges payable at or before closing 

for any credit life, credit disability, credit unemployment, or 

credit property insurance, or any other accident, loss-of-income, 

life or health insurance, or any payments directly or indirectly 

for any debt cancellation or suspension agreement or contract, 

except that insurance premiums or debt cancellation or suspension fees calculated and paid in full on a monthly basis shall 

not be considered financed by the creditor; 

15 

(E) the maximum prepayment fees and penalties which may 

be charged or collected under the terms of the credit transaction; 

(F) all prepayment fees or penalties that are incurred by the 

consumer if the loan refinances a previous loan made or currently held by the same creditor or an affiliate of the creditor; 

and 

(G) such other charges as the Bureau determines to be appropriate. 

(5) CALCULATION OF POINTS AND FEES FOR OPEN-END CON- SUMER CREDIT PLANS.—In the case of open-end consumer credit 

plans, points and fees shall be calculated, for purposes of this 

section and section 129, by adding the total points and fees 

known at or before closing, including the maximum prepayment penalties which may be charged or collected under the 

terms of the credit transaction, plus the minimum additional 

fees the consumer would be required to pay to draw down an 

amount equal to the total credit line. 

(6) This subsection shall not be construed to limit the rate of interest or the finance charge that a person may charge a consumer 

for any extension of credit. 

ø(aa)¿ (bb) The disclosure of an amount or percentage which is 

greater than the amount or percentage required to be disclosed 

under this title does not in itself constitute a violation of this title. 

(cc) The term ‘‘reverse mortgage transaction’’ means a nonrecourse transaction in which a mortgage, deed of trust, or equivalent consensual security interest is created against the consumer’s 

principal dwelling— 

(1) securing one or more advances; and 

(2) with respect to which the payment of any principal, interest, and shared appreciation or equity is due and payable 

(other than in the case of default) only after— 

(A) the transfer of the dwelling; 

(B) the consumer ceases to occupy the dwelling as a 

principal dwelling; or 

(C) the death of the consumer. 

ø(cc)¿ (dd) DEFINITIONS RELATING TO MORTGAGE ORIGINATION

AND RESIDENTIAL MORTGAGE LOANS.— (1) COMMISSION.—Unless otherwise specified, the term 

‘‘Commission’’ means the Federal Trade Commission. 

(2) MORTGAGE ORIGINATOR.—The term ‘‘mortgage originator’’— 

(A) means any person who, for direct or indirect compensation or gain, or in the expectation of direct or indirect 

compensation or gain— 

(i) takes a residential mortgage loan application; 

(ii) assists a consumer in obtaining or applying to 

obtain a residential mortgage loan; or 

(iii) offers or negotiates terms of a residential mortgage loan; 

(B) includes any person who represents to the public, 

through advertising or other means of communicating or 

providing information (including the use of business cards, 

stationery, brochures, signs, rate lists, or other promotional items), that such person can or will provide any 

16 

of the services or perform any of the activities described in 

subparagraph (A); 

(C) does not include any person who is (i) not otherwise 

described in subparagraph (A) or (B) and who performs 

purely administrative or clerical tasks on behalf of a person who is described in any such subparagraph, or (ii) øan 

employee of a retailer of manufactured homes who is not 

described in clause (i) or (iii) of subparagraph (A) and who 

does not advise a consumer on loan terms (including rates, 

fees, and other costs)¿ a retailer of manufactured or modular homes or its employees unless such retailer or its employees receive compensation or gain for engaging in activities described in subparagraph (A) that is in excess of any 

compensation or gain received in a comparable cash transaction; 

(D) does not include a person or entity that only performs real estate brokerage activities and is licensed or 

registered in accordance with applicable State law, unless 

such person or entity is compensated by a lender, a mortgage broker, or other mortgage originator or by any agent 

of such lender, mortgage broker, or other mortgage originator; 

(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 3 properties in any 12-month 

period to purchasers of such properties, each of which is 

owned by such person, estate, or trust and serves as security for the loan, provided that such loan— 

(i) is not made by a person, estate, or trust that has 

constructed, or acted as a contractor for the construction of, a residence on the property in the ordinary 

course of business of such person, estate, or trust; 

(ii) is fully amortizing; 

(iii) is with respect to a sale for which the seller determines in good faith and documents that the buyer 

has a reasonable ability to repay the loan; 

(iv) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable 

annual and lifetime limitations on interest rate increases; and 

(v) meets any other criteria the Bureau may prescribe; 

(F) does not include the creditor (except the creditor in 

a table-funded transaction) under paragraph (1), (2), or (4) 

of section 129B(c); and 

(G) does not include a servicer or servicer employees, 

agents and contractors, including but not limited to those 

who offer or negotiate terms of a residential mortgage loan 

for purposes of renegotiating, modifying, replacing and 

subordinating principal of existing mortgages where borrowers are behind in their payments, in default or have a 

reasonable likelihood of being in default or falling behind. 

(3) NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY.—The term ‘‘Nationwide Mortgage Licensing System and 

17 

Registry’’ has the same meaning as in the Secure and Fair Enforcement for Mortgage Licensing Act of 2008. 

(4) OTHER DEFINITIONS RELATING TO MORTGAGE ORIGI- NATOR.—For purposes of this subsection, a person ‘‘assists a 

consumer in obtaining or applying to obtain a residential mortgage loan’’ by, among other things, advising on residential 

mortgage loan terms (including rates, fees, and other costs), 

preparing residential mortgage loan packages, or collecting information on behalf of the consumer with regard to a residential mortgage loan. 

(5) RESIDENTIAL MORTGAGE LOAN.—The term ‘‘residential 

mortgage loan’’ means any consumer credit transaction that is 

secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or on residential real 

property that includes a dwelling, other than a consumer credit 

transaction under an open end credit plan or, for purposes of 

sections 129B and 129C and section 128(a) (16), (17), (18), and 

(19), and sections 128(f) and 130(k), and any regulations promulgated thereunder, an extension of credit relating to a plan 

described in section 101(53D) of title 11, United States Code. 

(6) SECRETARY.—The term ‘‘Secretary’’, when used in connection with any transaction or person involved with a residential 

mortgage loan, means the Secretary of Housing and Urban Development. 

(7) SERVICER.—The term ‘‘servicer’’ has the same meaning as 

in section 6(i)(2) of the Real Estate Settlement Procedures Act 

of 1974 (12 U.S.C. 2605(i)(2)). 

ø(dd)¿ (ee) BONA FIDE DISCOUNT POINTS AND PREPAYMENT PENALTIES.—For the purposes of determining the amount of points and 

fees for purposes of subsection (aa), either the amounts described 

in paragraph (1) or (2) of the following paragraphs, but not both, 

shall be excluded: 

(1) Up to and including 2 bona fide discount points payable 

by the consumer in connection with the mortgage, but only if 

the interest rate from which the mortgage’s interest rate will 

be discounted does not exceed by more than 1 percentage 

point— 

(A) the average prime offer rate, as defined in section 

129C; or 

(B) if secured by a personal property loan, the average 

rate on a loan in connection with which insurance is provided under title I of the National Housing Act (12 U.S.C. 

1702 et seq.). 

(2) Unless 2 bona fide discount points have been excluded 

under paragraph (1), up to and including 1 bona fide discount 

point payable by the consumer in connection with the mortgage, but only if the interest rate from which the mortgage’s 

interest rate will be discounted does not exceed by more than 

2 percentage points— 

(A) the average prime offer rate, as defined in section 

129C; or 

(B) if secured by a personal property loan, the average 

rate on a loan in connection with which insurance is provided under title I of the National Housing Act (12 U.S.C. 

1702 et seq.). 

18 

(3) For purposes of paragraph (1), the term ‘‘bona fide discount points’’ means loan discount points which are knowingly 

paid by the consumer for the purpose of reducing, and which 

in fact result in a bona fide reduction of, the interest rate or 

time-price differential applicable to the mortgage. 

(4) Paragraphs (1) and (2) shall not apply to discount points 

used to purchase an interest rate reduction unless the amount 

of the interest rate reduction purchased is reasonably consistent with established industry norms and practices for secondary mortgage market transactions. 

* * * * * * * 

SECTION 1503 OF THE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2008 

SEC. 1503. DEFINITIONS 

For purposes of this title, the following definitions shall apply: 

(1) BUREAU.—The term ‘‘Bureau’’ means the Bureau of Consumer Financial Protection. 

(2) FEDERAL BANKING AGENCY.—The term ‘‘Federal banking 

agency’’ means the Board of Governors of the Federal Reserve 

System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit 

Insurance Corporation. 

(3) DEPOSITORY INSTITUTION.—The term ‘‘depository institution’’ has the same meaning as in section 3 of the Federal Deposit Insurance Act, and includes any credit union. 

(4) LOAN ORIGINATOR.— (A) IN GENERAL.—The term ‘‘loan originator’’— 

(i) means an individual who— 

(I) takes a residential mortgage loan application; and 

(II) offers or negotiates terms of a residential 

mortgage loan for compensation or gain; 

(ii) does not include any individual who is not otherwise described in clause (i) and who performs purely 

administrative or clerical tasks on behalf of a person 

who is described in any such clause; 

(iii) does not include a person or entity that only 

performs real estate brokerage activities and is licensed or registered in accordance with applicable 

State law, unless the person or entity is compensated 

by a lender, a mortgage broker, or other loan originator or by any agent of such lender, mortgage broker, 

or other loan originator; øand¿ 

(iv) does not include a person or entity solely involved in extensions of credit relating to timeshare 

plans, as that term is defined in section 101(53D) of 

title 11, United States Codeø.¿; and 

(v) does not include a retailer of manufactured or 

modular homes or its employees unless such retailer or 

its employees receive compensation or gain for engaging in activities described in clause (i) that is in excess 

19 

of any compensation or gain received in a comparable 

cash transaction. 

(B) OTHER DEFINITIONS RELATING TO LOAN ORIGINATOR.—For purposes of this subsection, an individual ‘‘assists a consumer in obtaining or applying to obtain a residential mortgage loan’’ by, among other things, advising on 

loan terms (including rates, fees, other costs), preparing 

loan packages, or collecting information on behalf of the 

consumer with regard to a residential mortgage loan. 

(C) ADMINISTRATIVE OR CLERICAL TASKS.—The term ‘‘administrative or clerical tasks’’ means the receipt, collection, 

and distribution of information common for the processing 

or underwriting of a loan in the mortgage industry and 

communication with a consumer to obtain information necessary for the processing or underwriting of a residential 

mortgage loan. 

(D) REAL ESTATE BROKERAGE ACTIVITY DEFINED.—The 

term ‘‘real estate brokerage activity’’ means any activity 

that involves offering or providing real estate brokerage 

services to the public, including— 

(i) acting as a real estate agent or real estate broker 

for a buyer, seller, lessor, or lessee of real property; 

(ii) bringing together parties interested in the sale, 

purchase, lease, rental, or exchange of real property; 

(iii) negotiating, on behalf of any party, any portion 

of a contract relating to the sale, purchase, lease, rental, or exchange of real property (other than in connection with providing financing with respect to any such 

transaction); 

(iv) engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker 

under any applicable law; and 

(v) offering to engage in any activity, or act in any 

capacity, described in clause (i), (ii), (iii), or (iv). 

(5) LOAN PROCESSOR OR UNDERWRITER.— 

(A) IN GENERAL.—The term ‘‘loan processor or underwriter’’ means an individual who performs clerical or support duties at the direction of and subject to the supervision and instruction of— 

(i) a State-licensed loan originator; or 

(ii) a registered loan originator. 

(B) CLERICAL OR SUPPORT DUTIES.—For purposes of subparagraph (A), the term ‘‘clerical or support duties’’ may 

include— 

(i) the receipt, collection, distribution, and analysis 

of information common for the processing or underwriting of a residential mortgage loan; and 

(ii) communicating with a consumer to obtain the information necessary for the processing or underwriting 

of a loan, to the extent that such communication does 

not include offering or negotiating loan rates or terms, 

or counseling consumers about residential mortgage 

loan rates or terms. 

20 

(6) NATIONWIDE MORTGAGE LICENSING SYSTEM AND REG- ISTRY.—The term ‘‘Nationwide Mortgage Licensing System and 

Registry’’ means a mortgage licensing system developed and 

maintained by the Conference of State Bank Supervisors and 

the American Association of Residential Mortgage Regulators 

for the State licensing and registration of State-licensed loan 

originators and the registration of registered loan originators 

or any system established by the Director under section 1509. 

(7) NONTRADITIONAL MORTGAGE PRODUCT.—The term ‘‘nontraditional mortgage product’’ means any mortgage product 

other than a 30-year fixed rate mortgage. 

(8) REGISTERED LOAN ORIGINATOR.—The term ‘‘registered 

loan originator’’ means any individual who— 

(A) meets the definition of loan originator and is an employee of— 

(i) a depository institution; 

(ii) a subsidiary that is— 

(I) owned and controlled by a depository institution; and 

(II) regulated by a Federal banking agency; or 

(iii) an institution regulated by the Farm Credit Administration; and 

(B) is registered with, and maintains a unique identifier 

through, the Nationwide Mortgage Licensing System and 

Registry. 

(9) RESIDENTIAL MORTGAGE LOAN.—The term ‘‘residential 

mortgage loan’’ means any loan primarily for personal, family, 

or household use that is secured by a mortgage, deed of trust, 

or other equivalent consensual security interest on a dwelling 

(as defined in section 103(v) of the Truth in Lending Act) or 

residential real estate upon which is constructed or intended to 

be constructed a dwelling (as so defined). 

(10) DIRECTOR.—The term ‘‘Director’’ means the Director of 

the Bureau of Consumer Financial Protection. 

(11) STATE.—The term ‘‘State’’ means any State of the 

United States, the District of Columbia, any territory of the 

United States, Puerto Rico, Guam, American Samoa, the Trust 

Territory of the Pacific Islands, the Virgin Islands, and the 

Northern Mariana Islands. 

(12) STATE-LICENSED LOAN ORIGINATOR.—The term ‘‘State-licensed loan originator’’ means any individual who— 

(A) is a loan originator; 

(B) is not an employee of— 

(i) a depository institution; 

(ii) a subsidiary that is— 

(I) owned and controlled by a depository institution; and 

(II) regulated by a Federal banking agency; or 

(iii) an institution regulated by the Farm Credit Administration; and 

(C) is licensed by a State or by the Director under section 1508 and registered as a loan originator with, and 

maintains a unique identifier through, the Nationwide 

Mortgage Licensing System and Registry. 

(13) UNIQUE IDENTIFIER.— 

21 

(A) IN GENERAL.—The term ‘‘unique identifier’’ means a 

number or other identifier that— 

(i) permanently identifies a loan originator; 

(ii) is assigned by protocols established by the Nationwide Mortgage Licensing System and Registry and 

the Bureau to facilitate electronic tracking of loan 

originators and uniform identification of, and public 

access to, the employment history of and the publicly 

adjudicated disciplinary and enforcement actions 

against loan originators; and 

(iii) shall not be used for purposes other than those 

set forth under this title. 

(B) RESPONSIBILITY OF STATES.—To the greatest extent 

possible and to accomplish the purpose of this title, States 

shall use unique identifiers in lieu of social security numbers. 

(22) 

1 ‘‘Manufactured-housing consumer finance in the United States’ ’’ at 40–42. 

2See, Manufactured Housing Institute, ‘‘4,942 New HUD-Code Homes Shipped in January 

2015,’’ http://www.manufacturedhousing.org/lib/showtemp_detail.asp?Id=1127&cat=whats_hot 

(noting a trend of ‘‘[year over year] gains across the board’’ in January 2015 for the manufacturers of mobile homes in homes and floors shipped); see also, ‘‘4,730 New HUD-Code Homes 

Shipped in December 2014,’’ http://www.manufacturedhousing.org/lib/showtemp_detail 

asp?Id=1125&cat=whats_hot (‘‘Compared with the prior year, 2014 has recorded shipment increases in every month. For all twelve months, shipments totaled 64,344 homes compared with 

60,210 homes in 2013, a net increase of 6.9 percent’’). 3See ‘‘The Mobile Home Trap,’’ The Seattle Times, https://www.seattletimes.com/category/mobile-homes/. 

MINORITY VIEWS 

We believe that low-income families that rely on manufactured 

housing as an affordable option deserve the same anti-predatory 

lending standards as other families. H.R. 1699 would not create 

more access to affordable housing, but instead allow an already incredibly profitable industry to make even more money by charging 

higher interest rates and fees to low-income borrowers while simultaneously decreasing consumer protections. 

First, H.R. 1699 would change the definition of a ‘‘mortgage originator’’ such that rules established by the Consumer Financial Protection Bureau (Consumer Bureau) for marketing and documenting 

consumer financial transactions would not apply to manufactured 

housing salespeople that offer credit to borrowers. 

In 2014, the Consumer Bureau published a study on the manufactured housing industry, which noted that individuals who apply 

for manufactured housing loans ‘‘include consumers that may be 

considered more financially vulnerable and, thus, may particularly 

stand to benefit from strong consumer protections.’’ This study also 

revealed that many practices, consistent with the current definition 

of a mortgage loan originator, are practices commonly engaged in 

by retailers of manufactured housing, such as assisting customers 

in filling out a mortgage application and exempting retailers from 

the definition may increase consumer costs and reduce incentives 

to work in the best interests of the customer.1 Furthermore, while 

increasing access to credit in the manufactured housing sector is a 

worthy goal, information from this study, as well as press articles 

highlighting increased production in the manufactured housing sector, 2 suggests that reducing consumer protections is not an appropriate trade-off. 

Additionally, a years-long joint investigation by The Seattle 

Times and Center for Public Integrity, which focused on Clayton 

Homes, the largest manufactured homebuilder in the United 

States, found that Clayton Homes, which is controlled by multi-billionaire Warren Buffet, reaps significant financial profits from 

unsuspecting consumers—from producing the housing, to selling 

the housing, to originating loans that take advantage of vulnerable 

consumers that leave them with virtually no way to refinance.3

Specifically, the article noted that, ‘‘Clayton systematically pursues 

23 

4Mike Baker and Daniel Wagner, ‘‘Minorities Exploited by Warren Buffet’s Mobile Home Empire,’’ THE SEATTLE TIMES, Dec. 26, 2015, available at https://www.seattletimes.com/seattlenews/times-watchdog/minorities-exploited-by-warren-buffetts-mobile-home-empire-claytonhomes/. 

unwitting minority homebuyers and baits them into costly 

subprime loans, many of which are doomed to fail,’’ charges minority borrowers substantially higher rates, on average, than their 

white counterparts, and ‘‘typically charges black people who make 

over $75,000 a year slightly more than white people who make only 

$35,000.’’ 4

Second, H.R. 1699 would increase the spread over the average 

prime offer rate (APOR) required to trigger Home Ownership and 

Equity Protection Act (HOEPA) protections for loans that do not include the purchase of real property from 6.5 percent to 10 percent 

for loans between $50,000 and $75,000 and from 8.5 percent to 10 

percent for loans under $50,000. The bill would also raise the fees 

cap that trigger HOEPA protections to the greater of 5 percent of 

the total transaction amount or $3,000, whichever is greater. According to Home Mortgage Disclosure Act (HMDA) data, obtained 

from the Consumer Bureau, this new interest rate trigger would 

have exempted 58 percent of manufactured home loans originated 

in 2013 from HOEPA protections. HOEPA is an essential protection tool for consumers and we support policy ensuring that all vulnerable homeowners are protected under the statute, including 

owners of manufactured homes. 

For these reasons, we oppose H.R. 1699. 

MAXINE WATERS. 

MICHAEL E. CAPUANO. 

WM. LACY CLAY. 

KEITH ELLISON. 

NYDIA M. VELA ́ ZQUEZ. 

AL GREEN. 

CAROLYN B. MALONEY. 

EMANUEL CLEAVER. 

GWEN MOORE. 

DENNY HECK. 

Æ