NAR Support Letter to Representatives Graves and Quigley Regarding H.R. 1153 - Mortgage Choice Act
Issue Date: March 28, 2017
On March 28, 2017 NAR sent a letter to Chairman Graves and Ranking Member Quigley of the House Financial Services Subcommittee. The letter expresses NAR’s support for Representative Dave Joyce’s (R-OH) request to include the text of H.R.1153, “The Mortgage Choice Act,” in the FY 2018 Financial Services Appropriations bill. H.R. 1153 is a bipartisan bill identical to legislation that passed the House in April 2015 by a vote of 286-140. This measure also passed the House twice in the 113th Congress but was not taken up by the Senate. H.R. 1153 would make two adjustments to the Truth in Lending Act’s (TILA) definition of “points and fees” to ensure greater consumer choice in mortgage and settlement services under the Ability to Repay/Qualified Mortgage (QM) rule.