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Coalition Urges Lawmaker Support of Mortgage Choice Act
Thursday, February 12, 2015 6:30 AM

Credit Union National Association, along with eight other financial, real estate and builder trade groups, is urging members of the U.S. House of Representatives to sign on as co-sponsors to the Mortgage Choice Act (H.R. 685), a bill intended to "restore a full and open competitive market" by clarifying the definition of mortgage fees and points.

The bill, which is identical to a version introduced and passed by the House in the 113th Congress, was reintroduced Feb. 3 by Rep. Bill Huizenga (R-MI) and already has bipartisan support of eight co-signers.

Specifically, the bill would remove confusion that exists about what constitutes a "fee" or a "point" that applies towards a statutory points and fees cap. The definition currently varies greatly depending upon who is making the loan and what arrangements are made by consumers to obtain title insurance, among other things.

The coalition wrote in a letter to House lawmakers that by eliminating confusion, H.R. 685 will ensure consumers have greater access to mortgage credit and also more choices in credit providers.