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H.R. 1153: Mortgage Choice Act of 2017

About the bill

Source: Republican Policy Committee

H.R. 1153 excludes insurance held in escrow and, under certain circumstances, fees paid to companies affiliated with the creditor from the costs that would be considered in calculating the three percent “points and fees” limitation for purposes of determine whether a mortgage can be considered a “Qualified Mortgage”. The legislation directs the Consumer Financial Protection Bureau (CFPB) to amend its regulations to reflect the new exclusions.

Mortgage points, also known as discount points, are fees directly paid to the lender at closing in exchange for a reduced interest rate ...

Sponsor and status

Bill Huizenga

Sponsor. Representative for Michigan's 2nd congressional district. Republican.

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Last Updated: Feb 12, 2018
Length: 4 pages
Introduced:

Feb 16, 2017

Status:

Passed House (Senate next) on Feb 8, 2018

This bill passed in the House on February 8, 2018 and goes to the Senate next for consideration.

Prognosis:

32% chance of being enacted according to Skopos Labs (details)

History

Feb 16, 2017
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

Nov 14, 2017
 
Ordered Reported

A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.

Jan 22, 2018
 
Reported by House Committee on Financial Services

A committee issued a report on the bill, which often provides helpful explanatory background on the issue addressed by the bill and the bill's intentions.

Feb 8, 2018
 
Passed House (Senate next)

The bill was passed in a vote in the House. It goes to the Senate next.

Pending
 
Passed Senate

Pending
 
Signed by the President

H.R. 1153 is a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

How to cite this information.

We recommend the following MLA-formatted citation when using the information you see here in academic work:

“H.R. 1153 — 115th Congress: Mortgage Choice Act of 2017.” www.GovTrack.us. 2017. August 16, 2018 <https://www.govtrack.us/congress/bills/115/hr1153>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.