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CUNA applauds passage of Mortgage Choice Act

(June 9, 2014) — Today, the United States House of Representatives passed H.R. 3211, Mortgage Choice Act of 2013. The bill would amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction. The legislation would exclude from the definition of points and fees compensation that is retained by a creditor or its affiliate as a result of its participation in an affiliated business arrangement.

“The Mortgage Choice Act addresses concerns that we raised with the Financial Services Committee during our testimony last June examining how the Dodd-Frank Act hampers home ownership,” said Ryan Donovan, CUNA Senior Vice President of Legislative Affairs. “We have sent several letters of support for this legislation as it has made its way through the legislative process, and CUNA applauds the passage of this bill.”


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