H. Rept. 115-522 1 (2018-01-22)

handle is hein.congrecreports/crptxaayz0001 and id is 1 raw text is: AUT-ENTICATED

                   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


                                            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
                                       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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