About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

H. Rept. 114-54 1 (2015-04-06)

handle is hein.congrecreports/crptxrnj0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-54 MORTGAGE CHOICE ACT OF 2015 APRIL 6, 2015.-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 [To accompany H.R. 685] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 685) 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 favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY H.R. 685, the the Mortgage Choice Act of 2015, would exclude insurance held in escrow and, under certain circumstances, fees paid to companies affiliated with the creditor from the costs that are considered when calculating the points and fees limitation for purposes of determining whether a mortgage can be a Qualified Mortgage. This bill would direct the Bureau of Consumer Finan- cial Protection (CFPB) to amend its regulations related 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 Protection Act (P.L. 111-203). The final rule, which went into effect January 10, 2014, generally requires creditors to make a reason- able, good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling, but establishes a legal safe harbor from liability under this requirement for Quali- fied Mortgages that are not higher-priced. A mortgage will be 49-006

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.