Mortgage Choice Act of 2015

The Mortgage Choice Act of 2015, also known as Bill 114 hr 685, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to amend the Truth in Lending Act in order to adjust the definition of "points and fees" for mortgage loans.

The bill aims to provide clarity and consistency in the mortgage lending process by excluding certain fees and charges from the calculation of points and fees. This would allow more flexibility for lenders and borrowers in determining the terms of a mortgage loan.

Supporters of the Mortgage Choice Act argue that it will help increase access to credit for homebuyers by reducing regulatory burdens on lenders. They believe that by adjusting the definition of points and fees, the bill will promote competition in the mortgage market and ultimately benefit consumers. Opponents of the bill, however, express concerns that it could potentially weaken consumer protections and lead to predatory lending practices. They argue that excluding certain fees from the calculation of points and fees could make it easier for lenders to disguise the true cost of a mortgage loan and take advantage of unsuspecting borrowers. Overall, the Mortgage Choice Act of 2015 has sparked debate among lawmakers, industry stakeholders, and consumer advocates. It remains to be seen whether this bill will be passed into law and how it will impact the mortgage lending landscape in the United States.