HFSC to mark up 3 CUNA-backed reg relief bills Tuesday

November 9, 2017

The House Financial Services Committee will mark up three CUNA-supported regulatory relief bills starting Tuesday as part of a larger markup. The markup is scheduled to begin at 10 a.m. (ET) and will be streamed live on the committee’s website.

The bills would offer credit unions regulatory relief in mortgage lending, particularly with respect to the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule.

The specific bills included in the markup are:

  • The Mortgage Choice Act of 2017 (H.R. 1153), which would exclude affiliated title insurance charges and escrowed homeowners’ insurance premiums from the points and fees calculation;
  • The Securing Access to Affordable Mortgage Act (H.R. 3221), which would amend the Truth in Lending Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt from property appraisal requirements a mortgage loan of $250,000 or less if it appears on the loan creditor's balance sheet for at least three years; and
  • The TRID Improvement Act of 2017 (H.R. 3978), which would allow title insurance companies to disclose available discounts and accurate title insurance premiums to consumers.