MBA Statement on House Passage of S. 2155
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (May 22, 2018) - David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), released a statement following the passage of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.
"I want to commend the House of Representatives for joining the Senate and passing this bill which will protect consumers and provide greater access to mortgage credit. Specifically, this legislation includes: SAFE Act amendments which 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, critical consumer protections to U.S. veterans who use the VA Home Loan program, clarifying the High Volatility Commercial Real Estate rule to help promote sustainable construction and development, and targeted TILA/RESPA Integrated Disclosure fixes. MBA looks forward to the President signing this bill into law."