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U.S. GOVERNMENT
INFORMATION
Op
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 1 115-1024
MORTGAGE FAIRNESS ACT OF 2017
NOVEMBER 14, 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. 2570]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2570) to amend the Truth in Lending Act to clarify that
the points and fees in connection with a mortgage loan do not in-
clude certain compensation amounts already taken into account in
setting the interest rate on such loan, and for other purposes, hav-
ing considered the same, report favorably thereon without amend-
ment and recommend that the bill do pass.
PURPOSE AND SUMMARY
Introduced by Representative Bill Posey on May 19, 2017, H.R.
2570, the Mortgage Fairness Act amends the Truth in Lending
Act to revise the definition of points and fees under a high-cost
mortgage.
BACKGROUND AND NEED FOR LEGISLATION
On January 10, 2013, the Bureau of Consumer Financial Protec-
tion (BCFP) issued a final rule to implement sections 1411 and
1412 as well as section 1414 of the Dodd-Frank Wall Street Reform
and Consumer Financial Protection Act of 2010 [P.L. 111-2031,
which limits prepayment penalties. The final rule, also known as
the QM Rule provides lenders with a safe harbor for loans that
satisfy the definition of a Qualified Mortgage and are not higher-
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