Mortgage Choice Act of 2017

Bill: 115-hr-1153
Sponsor: full_name: Rep. Huizenga, Bill [R-MI-2]
Introduced: 2017-02-16
Policy area: Housing and Community Development
Subjects: Administrative law and regulatory procedures

Consumer Financial Protection Bureau

Housing finance and home ownership

User charges and fees
Latest action: action_date: 2018-02-12
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-02-16
action_desc: Introduced in House
text: <p><strong>Mortgage Choice Act of 2017</strong></p> <p>This bill amends the Truth in Lending Act to specify that&nbsp;neither escrow charges for insurance nor affiliated title charges shall&nbsp;be considered "points and fees" for purposes of determining whether a mortgage is a "high-cost mortgage." </p>

action_date: 2018-01-22
action_desc: Reported to House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><strong>Mortgage Choice Act of 2017</strong></p> <p>(Sec. 2) This bill amends the Truth in Lending Act to specify that&nbsp;neither escrow charges for insurance nor affiliated title charges shall&nbsp;be considered "points and fees" for purposes of determining whether a mortgage is a "high-cost mortgage." (A high-cost mortgage designation restricts the terms of the loan and requires a lender to make certain disclosures to the borrower.)</p>

action_date: 2018-02-08
action_desc: Passed House without amendment
text: <p>(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) </p> <p><strong>Mortgage Choice Act of 2017</strong></p> <p>(Sec. 2) This bill amends the Truth in Lending Act to specify that&nbsp;neither escrow charges for insurance nor affiliated title charges shall&nbsp;be considered "points and fees" for purposes of determining whether a mortgage is a "high-cost mortgage." (A high-cost mortgage designation restricts the terms of the loan and requires a lender to make certain disclosures to the borrower.)</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 1153 IN THE HOUSE OF REPRESENTATIVES February 16, 2017 Mr. Huizenga (for himself, Mr. Royce of California , Mr. David Scott of Georgia , Mr. Stivers , Mr. Meeks , and Mr. Joyce of Ohio ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction.

1. Short title This Act may be cited as the Mortgage Choice Act of 2017 . 2. Definition of points and fees (a) Amendment to section 103 of TILA Section 103(bb)(4) of the Truth in Lending Act ( 15 U.S.C. 1602(bb)(4) ) is amended— (1) by striking paragraph (1)(B) and inserting paragraph (1)(A) and section 129C ; (2) in subparagraph (C)— (A) by inserting and insurance after taxes ; (B) in clause (ii), by inserting , except as retained by a creditor or its affiliate as a result of their participation in an affiliated business arrangement (as defined in section 2(7) of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2602(7) ) after compensation ; and (C) by striking clause (iii) and inserting the following: (iii) the charge is— (I) a bona fide third-party charge not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator; or (II) a charge set forth in section 106(e)(1); ; and (3) in subparagraph (D)— (A) by striking accident, ; and (B) by striking or any payments and inserting and any payments . (b) Amendment to section 129C of TILA Section 129C of the Truth in Lending Act ( 15 U.S.C. 1639c ) is amended— (1) in subsection (a)(5)(C), by striking 103 and all that follows through or mortgage originator and inserting 103(bb)(4) ; and (2) in subsection (b)(2)(C)(i), by striking 103 and all that follows through or mortgage originator) and inserting 103(bb)(4) . 3. Rulemaking Not later than the end of the 90-day period beginning on the date of the enactment of this Act, the Bureau of Consumer Financial Protection shall issue final regulations to carry out the amendments made by this Act, and such regulations shall be effective upon issuance.

tv_txt: IB Union Calendar No. 387 115th CONGRESS 2d Session H. R. 1153 [Report No. 115–522] IN THE HOUSE OF REPRESENTATIVES February 16, 2017 Mr. Huizenga (for himself, Mr. Royce of California , Mr. David Scott of Georgia , Mr. Stivers , Mr. Meeks , and Mr. Joyce of Ohio ) introduced the following bill; which was referred to the Committee on Financial Services January 22, 2018 Additional sponsors: Mr. Michael F. Doyle of Pennsylvania , Ms. McCollum , Mrs. Wagner , Mr. Ross , Mr. Rothfus , Mr. Pittenger , Mr. Walberg , Mr. Duffy , Mr. Messer , Mr. Trott , Mr. Norman , and Mr. Gottheimer January 22, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction.

1. Short title This Act may be cited as the Mortgage Choice Act of 2017 . 2. Definition of points and fees (a) Amendment to section 103 of TILA Section 103(bb)(4) of the Truth in Lending Act ( 15 U.S.C. 1602(bb)(4) ) is amended— (1) by striking paragraph (1)(B) and inserting paragraph (1)(A) and section 129C ; (2) in subparagraph (C)— (A) by inserting and insurance after taxes ; (B) in clause (ii), by inserting , except as retained by a creditor or its affiliate as a result of their participation in an affiliated business arrangement (as defined in section 2(7) of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2602(7) ) after compensation ; and (C) by striking clause (iii) and inserting the following: (iii) the charge is— (I) a bona fide third-party charge not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator; or (II) a charge set forth in section 106(e)(1); ; and (3) in subparagraph (D)— (A) by striking accident, ; and (B) by striking or any payments and inserting and any payments . (b) Amendment to section 129C of TILA Section 129C of the Truth in Lending Act ( 15 U.S.C. 1639c ) is amended— (1) in subsection (a)(5)(C), by striking 103 and all that follows through or mortgage originator and inserting 103(bb)(4) ; and (2) in subsection (b)(2)(C)(i), by striking 103 and all that follows through or mortgage originator) and inserting 103(bb)(4) . 3. Rulemaking Not later than the end of the 90-day period beginning on the date of the enactment of this Act, the Bureau of Consumer Financial Protection shall issue final regulations to carry out the amendments made by this Act, and such regulations shall be effective upon issuance.

January 22, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: IIB 115th CONGRESS 2d Session H. R. 1153 IN THE SENATE OF THE UNITED STATES February 12, 2018 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction.

1. Short title This Act may be cited as the Mortgage Choice Act of 2017 . 2. Definition of points and fees (a) Amendment to section 103 of TILA Section 103(bb)(4) of the Truth in Lending Act ( 15 U.S.C. 1602(bb)(4) ) is amended— (1) by striking paragraph (1)(B) and inserting paragraph (1)(A) and section 129C ; (2) in subparagraph (C)— (A) by inserting and insurance after taxes ; (B) in clause (ii), by inserting , except as retained by a creditor or its affiliate as a result of their participation in an affiliated business arrangement (as defined in section 2(7) of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2602(7) ) after compensation ; and (C) by striking clause (iii) and inserting the following: (iii) the charge is— (I) a bona fide third-party charge not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator; or (II) a charge set forth in section 106(e)(1); ; and (3) in subparagraph (D)— (A) by striking accident, ; and (B) by striking or any payments and inserting and any payments . (b) Amendment to section 129C of TILA Section 129C of the Truth in Lending Act ( 15 U.S.C. 1639c ) is amended— (1) in subsection (a)(5)(C), by striking 103 and all that follows through or mortgage originator and inserting 103(bb)(4) ; and (2) in subsection (b)(2)(C)(i), by striking 103 and all that follows through or mortgage originator) and inserting 103(bb)(4) . 3. Rulemaking Not later than the end of the 90-day period beginning on the date of the enactment of this Act, the Bureau of Consumer Financial Protection shall issue final regulations to carry out the amendments made by this Act, and such regulations shall be effective upon issuance.

Passed the House of Representatives February 8, 2018. Karen L. Haas, Clerk

tv_txt: IB 115th CONGRESS 2d Session H. R. 1153 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction.

1. Short title This Act may be cited as the Mortgage Choice Act of 2017 . 2. Definition of points and fees (a) Amendment to section 103 of TILA Section 103(bb)(4) of the Truth in Lending Act ( 15 U.S.C. 1602(bb)(4) ) is amended— (1) by striking paragraph (1)(B) and inserting paragraph (1)(A) and section 129C ; (2) in subparagraph (C)— (A) by inserting and insurance after taxes ; (B) in clause (ii), by inserting , except as retained by a creditor or its affiliate as a result of their participation in an affiliated business arrangement (as defined in section 2(7) of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2602(7) ) after compensation ; and (C) by striking clause (iii) and inserting the following: (iii) the charge is— (I) a bona fide third-party charge not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator; or (II) a charge set forth in section 106(e)(1); ; and (3) in subparagraph (D)— (A) by striking accident, ; and (B) by striking or any payments and inserting and any payments . (b) Amendment to section 129C of TILA Section 129C of the Truth in Lending Act ( 15 U.S.C. 1639c ) is amended— (1) in subsection (a)(5)(C), by striking 103 and all that follows through or mortgage originator and inserting 103(bb)(4) ; and (2) in subsection (b)(2)(C)(i), by striking 103 and all that follows through or mortgage originator) and inserting 103(bb)(4) . 3. Rulemaking Not later than the end of the 90-day period beginning on the date of the enactment of this Act, the Bureau of Consumer Financial Protection shall issue final regulations to carry out the amendments made by this Act, and such regulations shall be effective upon issuance.

Passed the House of Representatives February 8, 2018. Karen L. Haas, Clerk.