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US. GOVERNMENT
INFORMATION
GP
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-522
MORTGAGE CHOICE ACT OF 2017
JANUARY 22, 2018.-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
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 1153]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 1153) to amend the Truth in Lending Act to improve
upon the definitions provided for points and fees in connection with
a mortgage transaction, having considered the same, report favor-
ably thereon without amendment and recommend that the bill do
pass.
PURPOSE AND SUMMARY
Introduced on February 16, 2017 by Representative Huizenga,
H.R. 1153, the Mortgage Choice Act of 2017 would exclude insur-
ance held in escrow and, under certain circumstances, fees paid to
companies affiliated with the creditor from the costs that would be
considered in calculating the three percent points and fees limita-
tion for purposes of determining whether a mortgage can be a
Qualified Mortgage. H.R. 1153 would direct the Bureau of Con-
sumer Financial Protection (CFPB) to amend its regulations re-
lated to qualified mortgages to reflect the new exclusions.
BACKGROUND AND NEED FOR LEGISLATION
On January 10, 2013, the CFPB issued its 'Ability-to-Repay and
Qualified Mortgage' rule, which implemented sections 1411, 1412
and 1414 of the Dodd-Frank Wall Street Reform and Consumer
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