House Passes TRID Improvement, MLO Mobility Bill

The House yesterday passed a Mortgage Bankers Association-supported bill that amends the TILA/RESPA Integrated Disclosure rule and support flexibility for mortgage loan originators.  

H.R. 3978, the TRID Improvement Act (https://www.congress.gov/bill/115th-congress/house-bill/3978), amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. The bill was introduced by Reps. Steve Stivers, R-Ohio, Joyce Beatty, D-Ohio, Bruce Poliquin, R-Maine and Kyrsten Sinema, D-Ariz.  

The bill also accommodates H.R. 2948 (https://www.congress.gov/bill/115th-congress/house-bill/2948), which amends the S.A.F.E. Mortgage Licensing Act of 2008 to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution. The bill would require the Consumer Financial Protection Bureau to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers.  

The bill passed by a 271-145 vote.  

MBA President and CEO David Stevens, CMB, issued a statement commending the House, saying the bill would “maintain the important consumer protections established under the federal SAFE Act, while offering enhanced workforce mobility for mortgage loan officers.”  

Stevens said MBA now “urges the Senate to take up these provisions as part of its bipartisan regulatory relief efforts. We look forward to continuing to working with policymakers on this and other issues impacting real estate finance.”