H. Rept. 115-1024 1 (2018-11-14)

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                   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-
                      89-006

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