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HR 1699 - Preserving Access to Manufactured Housing Act of 2017 - National Key Vote

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Title: Preserving Access to Manufactured Housing Act of 2017

Vote Smart's Synopsis:

A vote to pass a bill that amends the Truth in Lending Act (TILA) to modify the definitions of a mortgage originator and a high-cost mortgage.

Highlights:

  • Amends the Truth in Lending Act (TILA) to specify that a retailer of manufactured housing is not a “mortgage originator” subject to requirements under the Act unless they receive compensation that is greater than they would receive in a comparable cash transaction (Sec. 2).

  • Amends the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 to specify that such a retailer is generally not a “loan originator” subject to requirements under that Act (Sec. 2).

  • Specifies that the annual percentage rates and transaction values at which mortgages for certain dwellings are considered “high cost” under TILA will change in order to reflect any changes in the Consumer Price Index, which measures inflation (Sec. 3).

  • Increases the disclosure thresholds for high cost mortgages from 8.5 percentage points on a less than $50,000 transaction to 10 percentage points on a transaction less than $75,000 (Sec. 3).

 

Full Bill Text

Title: Preserving Access to Manufactured Housing Act of 2017

Full Bill Text

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