House Committee approves slate of mortgage, housing reforms

Bipartisan bills rein in GSE CEO pay, provide formal TRID grace period

The House Financial Services Committee approved a slate of bipartisan bills directly impacting the mortgage and housing finance space Wednesday.

They now face a vote before the full House of Representatives.

“We seek to simplify the rules, reduce complexity and compliance costs.  Complicated and costly regulations serve as barriers that too often keep small competitors off the playing field,” said Chairman Jeb Hensarling, R-Texas. “With regulatory relief, we can level that playing field between big corporations and small businesses and create a healthier economy.”

Among the bills passed were:

H.R. 3192, the “Homebuyers Assistance Act”

H.R. 3192 delays enforcement of a CFPB regulation surrounding the home buying process to allow more time for the CFPB to ensure purchasers and buyers are not unfairly harmed by this new regulation.

H.R. 3192 passed 45-13.

H.R. 1210, the “Portfolio Lending and Mortgage Access Act”

H.R. 1210 would address the onerous requirements of Section 1411 of the Dodd-Frank Act and codifies the common sense understanding that financial institutions who hold mortgages on portfolio have a vested interest in insuring that their customers repay their mortgages. H.R 2673 would provide regulatory relief for community financial institutions and make it easier for Americans to access affordable mortgage credit and put a stop to “QM” standing for “quitting mortgages.”

H.R. 1210 passed 38-18.

Read on.

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