The House passed a bipartisan bill that would amend the Truth in Lending Act (TILA) to allow borrowers to consider more financing options when applying for a mortgage. The bill has support from multiple financial trade organizations but faces opposition from some consumer and civil rights groups.
If enacted, H.R. 1153, known as the “Mortgage Choice Act,” would adjust certain TILA definitions to enable more loans to meet Ability to Repay/Qualified Mortgage standards.
Find out more about why the legislation has gained strong support within the financial industry but equally strong opposition from various other organizations.