As reported by DS News and The MReport, several regulatory relief bills—which are designed to alleviate regulatory burdens in the mortgage industry—recently passed the House Financial Services Committee and will now head to the House floor for consideration.
H.R. 2954 would amend the Home Mortgage Disclosure Act of 1975 to exempt a depository institution from certain records and disclosure requirements that have to do with open-end lines of credit and closed-end mortgage loans if the institution originated less than a certain number of loans in the past 2 years.
H.R. 3072 would increase the current $10 billion threshold at which regulated depository institutions are subject to the CFPB’s examination and reporting requirements to $50 billion.
H.R. 1699 would amend the Truth in Lending Act (TILA) to provide clarification that a manufactured housing retailer is generally not a mortgage originator.
H.R. 3971 would also amend TILA as well as the Real Estate Settlement Procedures Act of 1974 to modify requirements for community financial institutions regarding certain rules that are related to mortgage loans.