Washington Report

Advocacy Updates from Washington D.C.

3% Cap Bill Passes Committee

On Thursday, March 26, 2015 The House Financial Services Committee passed H.R. 685, “The Mortgage Choice Act” with bipartisan support after an intense effort by NAR and coalition partners.   The Committee vote was 43-12. The legislation to reduce discrimination against affiliate lenders in the calculation of fees and points under various mortgage rules is sponsored by Representatives Bill Huizenga (R-MI), Gregory Meeks (D-NY), Ed Royce (R-CA), David Scott (D-GA), Steve Stivers (R-OH), Mike Doyle (D-PA), David Joyce (R-OH), Betty McCollum (D-MN) and Stephen Fincher (R-TN).  The bill is now ready for consideration by the full House of Representatives. Companion legislation is being worked on in the Senate by Senator Pat Toomey (R-PA).