CUNA sent a letter to the House Financial Services Committee in advance of the Nov. 14 markup of several CUNA-supported regulatory relief bills.
H.R. 1153, the Mortgage Choice Act of 2017, would exclude affiliated title insurance charges and escrowed homeowners’ insurance premiums from the points and fees calculation. The bill would provide consumers with more access to mortgage credit and more choices in credit providers.
H.R. 3221, the Securing Access to Affordable Mortgages Act, would provide an exemption from the Truth in Lending Act appraisal requirements for properties with transaction values of $250,000 or less for loans held on portfolio for at least three years. This legislation would provide both regulatory relief to mortgage lenders as well as increase access to mortgage credit availability for borrowers purchasing lower cost dwellings. This bill would allow credit unions that offer mortgage loans secured by covered properties to better serve middle to lower income members.
H.R. 3978, the TRID Improvement Act of 2017, would amend the Real Estate Settlement Procedures Act (RESPA) to require the CFPB to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers. This bill would reduce confusion associated with the ability for title insurance companies to disclose available discounts.
“We strongly support the abovementioned bills and encourage their enactment,” CUNA said in the letter. “Moreover, we appreciate the Committee’s consideration of legislation that helps credit unions more fully serve their members,” CUNA said in the letter. “This type of targeted regulatory relief is much needed and will help credit unions support the communities they serve.”
These piece of legislation align with CUNA’s Campaign for Common-Sense Regulation, launched earlier this year to see common sense regulations enacted to remove barriers keeping credit unions from more fully serving their members.