Senate Banking Committee to hold April 16 hearing on mortgage credit availability

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On April 16, 2015, the Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing entitled, “Regulatory Burdens to Obtaining Mortgage Credit.” The witnesses scheduled to appear are:

  • Tom Woods, President, Custom Woods Homes, and Chairman, National Association of Home Builders
  • Chris Polychron, Executive Broker, First Choice Realty, and President, National Association of Realtors
  • J. David Motley, President, Colonial Savings, on behalf of the Mortgage Bankers Association
  • Julia Gordon, Director of Housing Finance and Policy, Center for American Progress

It seems likely that the Committee will hear about industry’s continued concerns regarding the impact of the CFPB’s ability to repay/qualified mortgage rule on mortgage availability and the difficulties faced by industry in implementing the TILA/RESPA integrated disclosure rule.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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