| Government Affairs |
On April 14, 2015, the House of Representatives passed H.R. 685, "The Mortgage Choice Act" by a vote of 286-140 with 45 Democrats joining the Republicans. H.R. 685 is an NAR-Backed bill with bipartisan support that makes two adjustments to the Truth in Lending Act's definition of "points and fees." The bill treats lenders and other types of services affiliated with real estate brokerages the same as lenders and service providers from large retail financial institutions, correcting an unfair limitation in the federal qualified mortgage (QM) rule. Companion legislation is being worked on in the Senate.