NAR sent a letter to the House of Representatives in support of S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act” that passed by a vote of 258 to 159. NAR voiced support for several provisions that would reduce regulatory burdens on smaller community banks and credit unions in an effort to increase access to affordable mortgage credit.
In the letter, NAR advocated for consideration of alternative credit scoring innovations by Fannie Mae and Freddie Mac to increase homeownership for consumers with limited credit profiles and access to traditional forms of credit. Additionally, NAR advocated for the regulatory oversight of Property Assessed Clean Energy (PACE) loans by the Bureau of Consumer Financial Protection to ensure that borrowers have a better understanding of these contracts and the potential detrimental impact on resale of property. S. 2155 also provided important clarity for lenders regarding certain commercial loans to resolve ongoing industry confusion. NAR further supported the provision addressing the exclusion of manufactured housing retailers and sellers from the definition of a loan originator so long as certain requirements are met related to acceptance of the residential mortgage loan application.