Mortgage Choice Act of 2017

The Mortgage Choice Act of 2017, also known as Bill 115 hr 1153, 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 revise the definition of "points and fees" for purposes of determining whether a mortgage loan is a high-cost mortgage.

The bill aims to provide clarity and flexibility for lenders and borrowers by adjusting the calculation of fees and points associated with mortgage loans. This would allow more loans to qualify as qualified mortgages, which are subject to certain consumer protection requirements.

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 the current definition of "points and fees" is too restrictive and limits the availability of affordable mortgage options. Opponents of the bill, however, express concerns that it could weaken consumer protections and lead to an increase in predatory lending practices. They argue that the current regulations are in place to protect borrowers from being taken advantage of by unscrupulous lenders. Overall, the Mortgage Choice Act of 2017 is a controversial piece of legislation that has sparked debate among lawmakers, industry stakeholders, and consumer advocacy groups. Its ultimate impact on the mortgage market and consumers remains to be seen as it continues to make its way through the legislative process.