Skip to content
PoliticalRepoPoliticalRepo

United States · Bill · HR

H.R. 685 (114th)

Mortgage Choice Act of 2015

openUnited States· United States Congress· EN

Introduced

3 February 2015

Last action

16 April 2015 · Committee

Status

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 114-49.

Sponsors

Rep. Huizenga, Bill [R-MI-4], Rep. Meeks, Gregory W. [D-NY-5], Rep. Royce, Edward R. [R-CA-39], David Scott, Rep. Joyce, David P. [R-OH-14], Rep. Stivers, Steve [R-OH-15], Rep. Doyle, Michael F. [D-PA-14], Rep. Murphy, Patrick [D-FL-18], Rep. McCollum, Betty [D-MN-4], Rep. Fincher, Stephen Lee [R-TN-8], Rep. Paulsen, Erik [R-MN-3], Rep. Rothfus, Keith J. [R-PA-12], Rep. Duffy, Sean P. [R-WI-7], Rep. Visclosky, Peter J. [D-IN-1], Rep. Walberg, Tim [R-MI-5], Rep. Kline, John [R-MN-2], Rep. Forbes, J. Randy [R-VA-4], Rep. Pittenger, Robert [R-NC-9], Rep. Blum, Rod [R-IA-1], Rep. Benishek, Dan [R-MI-1], Rep. Guthrie, Brett [R-KY-2], Rep. Ross, Dennis A. [R-FL-15], Rep. Mulvaney, Mick [R-SC-5], Rep. Schock, Aaron [R-IL-18], Rep. Wagner, Ann [R-MO-2], Rep. King, Peter T. [R-NY-2], Rep. Byrne, Bradley [R-AL-1], Rep. Williams, Roger [R-TX-25], Rep. Hanna, Richard L. [R-NY-22], Rep. McHenry, Patrick T. [R-NC-10], Rep. Sensenbrenner, F. James, Jr. [R-WI-5], Rep. Tipton, Scott R. [R-CO-3], Rep. Brooks, Mo [R-AL-5], Rep. Carter, Earl L. "Buddy" [R-GA-1], Rep. Cleaver, Emanuel [D-MO-5], David Trott, Rep. Fitzpatrick, Michael G. [R-PA-8], Rep. Costello, Ryan A. [R-PA-6]

Subjects

Housing, Taxation

Source updated

7 April 2025

Housing · Taxation

Official sourceDownload fileView documentsShare

Summary

Mortgage Choice Act of 2015 Amends the Truth in Lending Act with respect to requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is not a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.) Excludes from the computation of such points and fees any escrow for future payment of insurance. Modifies the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in extensions of credit secured by an interest in real property. Excludes from points and fees any such reasonable charges even though a creditor receives compensation, but only in so far as the creditor or its affiliate retains the compensation as a result of their participation in an affiliated business arrangement. (An "affiliated business arrangement" is one in which: (1) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1% in a provider of settlement services; and (2) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the provider's selection.) Revises the additional requirement that such a reasonable charge be paid to a third party unaffiliated with the creditor. Requires the charge to be: (1) a bona fide third party charge not retained by the mortgage originator, creditor, or an affiliate; or (2) a fee or premium for title examination, title insurance, or similar purposes. Modifies the conditions under which federal departments and agencies may exempt refinancings under a streamlined refinancing from an income verification requirement that, at the time a refinancing is consummated, the consumer has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments. Repeals the exception for bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate from the requirement that total points and fees not exceed 3% of the total new loan amount. (Thus subjects such charges to the same 3% ceiling.)

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 3 February 2015

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 3 February 2015

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 3 February 2015

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 25 March 2015

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  5. 26 March 2015

    Vote

    Ordered to be Reported by the Yeas and Nays: 43 - 12.

    Source: Committee

  6. 26 March 2015

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  7. 6 April 2015

    Calendars

    Placed on the Union Calendar, Calendar No. 35.

    Source: Calendars

  8. 6 April 2015

    Reported

    Reported by the Committee on Financial Services. H. Rept. 114-54.

    Source: Committee

  9. 6 April 2015

    Reported

    Reported by the Committee on Financial Services. H. Rept. 114-54.

    Source: Committee

  10. 13 April 2015

    Reported

    Rules Committee Resolution H. Res. 189 Reported to House. Resolution provides for consideration of 3 measures: H.R. 650; H.R. 685; and S. Con. Res. 11.

    Source: Floor

  11. 14 April 2015

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  12. 14 April 2015

    Vote

    On passage Passed by the Yeas and Nays: 286 - 140 (Roll no. 152). (text: CR H2188)

    Source: Floor

  13. 14 April 2015

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 286 - 140 (Roll no. 152).(text: CR H2188)

    Source: Floor

  14. 14 April 2015

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H2194)

    Source: Floor

  15. 14 April 2015

    Floor

    DEBATE - The House proceeded with one hour of debate on H.R. 685.

    Source: Floor

  16. 14 April 2015

    Floor

    Considered under the provisions of rule H. Res. 189. (consideration: CR H2188-2194)

    Source: Floor

  17. 15 April 2015

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

  18. 16 April 2015

    Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 114-49.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

10 official files

Referred in Senate (text)

View fileDownload file

This file cannot be previewed here. Use View or Download.

Leesvertaling

Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Referred in Senate (text)

    Referred in Senate · EN · 15 April 2015

    ViewDownloadOpen at official source

  • Referred in Senate (PDF)

    Referred in Senate · EN · 15 April 2015

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Engrossed in House (text)

    Engrossed in House · EN · 14 April 2015

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Engrossed in House (PDF)

    Engrossed in House · EN · 14 April 2015

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Passed House without amendment

    summary · EN · 14 April 2015

    Open at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Reported in House (text)

    Reported in House · EN · 6 April 2015

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Reported in House (PDF)

    Reported in House · EN · 6 April 2015

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Introduced in House (text)

    Introduced in House · EN · 3 February 2015

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Introduced in House (PDF)

    Introduced in House · EN · 3 February 2015

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Introduced in House

    summary · EN · 3 February 2015

    Open at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

Related records

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.