With the passage of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act this week, David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), released the following statement applauding Senate Banking Chairman Crapo (R-ID) and the bi-partisan coalition of senators that worked to ensure it's passing.
"I want to commend Chairman Crapo and the bi-partisan coalition of senators that worked for months to ensure the passage of this important piece of legislation. This bill will further ensure consumer protections and adequate access to mortgage credit. Specific mortgage related portions of the bill include: 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 now calls on the House to swiftly take up this bill for consideration."
According to the Mortgage Bankers Association's latest Mortgage Credit Availability Index, U.S. mortgage credit availability decreased in February 2018. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending February 16, 2018, mortgage applications in the U.S. decreased 6.6 percent from one week earlier.