WASHINGTON (7/31/15)--President Barack Obama is expected to sign a three-month extension of highway funding, in a bill that contains a provision requiring increased mortgage reporting.
The U.S. Senate voted 91-4 to approve the extension Thursday, which came a day after the House approved the same bill.
The bill would require all mortgage lenders to report the origination date of each mortgage, amount of outstanding principal balance on the loan and the property address on Form 1098s to the Internal Revenue Service.
CUNA wrote to Congress earlier this month, noting that it would add to the “already staggering level of regulatory requirements while providing absolutely no benefit to credit union members.”
The provision would apply to returns and statements due after Dec. 31, 2016.
The bill will extend spending authority for transportation programs through Oct. 29, and put $8 billion into the federal highway trust fund. The funding would have expired today. Obama is expected to sign before the deadline is reached.
The Senate also voted to pass a long-term highway funding bill (H.R. 22), which in addition to the mortgage reporting requirements, contains a provision to extend the raised Fannie Mae and Freddie Mac guarantee fees through 2025.
The House is on its August recess and will not hold votes until Sept. 8. The Senate is scheduled to be in session until Aug. 10, and will recess until Sept. 7.