Last week, Bill’s bipartisan legislation to help low and middle income families obtain a qualified mortgage passed the U.S. House of Representatives by a vote of 280-131.
Due to a flawed formula created by Dodd-Frank, some hardworking families are currently unable to get a mortgage for a home they can afford. Bill’s legislation, the Mortgage Choice Act, solves this problem by revising how “points and fees” are calculated.
“Hardworking Americans utilize one-stop shopping every day,” Bill said while discussing his legislation on the House floor. “ Why shouldn’t they be able to take advantage of the same cost-effective convenience of one-stop shopping when buying a home? These common-sense changes will help low and moderate income families access affordable mortgage credit and experience the benefits of one-stop shopping by ensuring that safe, properly underwritten mortgages pass the qualified mortgage test.”
The Mortgage Choice Act now heads to the Senate. To learn more about the bill, click here.