Senate Poised to Vote on Reg Relief Bill
A Senate vote on a sweeping real estate finance regulatory reform bill could come as early as this evening, sources on Capitol Hill told the Mortgage Bankers Association.
Senate leadership yesterday scheduled a 3:45 p.m. (ET) vote today on a substitute amendment to S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act (https://www.congress.gov/bill/115th-congress/senate-bill/2155). Sources told MBA following that vote, Senate leaders will hold a vote on ending debate of the entire bill, creating a 30-hour window for a final vote, which could come immediately thereafter or on Thursday.
S. 2155, introduced by Senate Banking Committee Chairman Mike Crapo, R-Idaho, includes a number of MBA-supported provisions, including:
–SAFE Act amendments to provide mortgage loan originators with 120 days of transitional authority to originate when moving from a federal depository to a non-bank (or across state lines);
–Subjecting Property Assessed Clean Lending (PACE) or property retrofit loans to Truth In Lending Act consumer protections;
–Exempting financial institutions originating fewer than 500 closed-end mortgages from Home Mortgage Disclosure Act reporting requirements; and
–Targeted TILA/RESPA Integrated Disclosure fixes.
Other issues involving Qualified Mortgage portfolio relief, Systematically Important Financial Institution thresholds, veterans’ credit reports and the Volcker rule. MBA continues to pursue addition of other favorable provisions to the bill within a “Manager’s Amendment” to S. 2155. This amendment offered by Crapo would preserve provisions of the bill noted above, but also now extend consumer protections to U.S. veterans who use the VA Home Loan program and promote sustainable construction and development through clarification of the current High Volatility Commercial Real Estate (HVCRE) rule.
MBA has expressed its support for the overall bill through a letter (http://mba-advocacy.informz.net/MBA-advocacy/data/images/S2155 MBA Letter of Support – Senate Leadership FINAL.pdf) and several Calls to Action through its grassroots advocacy arm, the Mortgage Action Alliance.
