H.R. 4521, introduced by Rep. Blaine Luetkemeyer (R-Mo.), would exempt lenders with less than $10 billion in assets from the Dodd-Frank Act's escrow requirements and servicers handling fewer than 20,000 loans from the servicing rule. H.R. 2673, championed by Rep. Andy Barr (R-Ky.), would deem all loans held in portfolio as Qualified Mortgages (H.R. 2673). ABA EVP James Ballentine said:
Both of the measures will help consumers and financial institutions by providing greater lending options without imposing additional challenges and costs. We ask that the Committee approve these bills with a strong bipartisan vote.
Another ABA-supported bill to be considered tomorrow, H.R. 4466, would require regulators to review and reconcile conflicting regulations before finalizing rulemakings.
Read ABA’s memo.