Press Releases

Today, the House passed H.R. 1153, the Mortgage Choice Act, bipartisan legislation introduced by Congressman Bill Huizenga with a vote of 280 to 131. The Mortgage Choice Act would reform a provision of Dodd-Frank that addresses “points and fees” to help consumers, particularly low and moderate income individuals, attain a qualified mortgage and experience the benefits and convenience of one-stop shopping during the mortgage process. Congressman Huizenga is a member of the House Financial Services Committee and serves as Chairman of the Capital Markets, Securities, and Investment Subcommittee.

“Hardworking Americans utilize one-stop shopping every day,” said Chairman Huizenga. “For example, in West Michigan, we have the headquarters of Meijer. Meijer is a great regional supermarket chain where families across the Midwest go to buy groceries, pick up clothes for the kids, and purchase automotive supplies. It is a one-stop shop that allows you to do just about everything you need for your home. Purchasing a home is one of the most important decisions a family makes. Why shouldn’t they be able to take advantage of the same cost-effective convenience of one-stop shopping when buying a home?

“I, along with Rep. Gregory Meeks, re-introduced the bipartisan Mortgage Choice Act to modify and clarify the way ‘points and fees’ are calculated and help families across America one-stop shop. This legislation is narrowly focused to promote access to affordable mortgage credit without overturning the important consumer protections and sound underwriting required under Dodd-Frank's ‘ability to repay’ provisions,” said Chairman Huizenga. “These common-sense changes will help low and moderate income families as well as first-time homebuyers access affordable mortgage credit and experience the benefits of one-stop shopping by ensuring that safe, properly underwritten mortgages pass the qualified mortgage test.”