WASHINGTON, D.C. (February, 2018) - David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), released the following statement praising the House passage of H.R. 3978, the TRID Improvement Act, and, in particular, the inclusion of the language from two individual bills - H.R. 2948 and the previously free-standing H.R. 3978:
"I want to commend the House of Representatives for passing this package which includes H.R. 2948, which will maintain the important consumer protections established under the federal SAFE Act, while offering enhanced workforce mobility for mortgage loan officers. MBA is grateful for the leadership of the bill's author, Representative Steve Stivers, as well as its bipartisan original cosponsors: Representatives Beatty, Poliquin, and Sinema.
"I also want to praise Representatives French Hill and Ruben Kihuen for Title I of the bill (the prior H.R. 3978) which will require the Consumer Financial Protection Bureau to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers.
"MBA now urges the Senate to take up these provisions as part of its bipartisan regulatory relief efforts. We look forward to continuing to working with policymakers on this and other issues impacting real estate finance."