H.R. 3211, Mortgage Choice Act of 2013

H.R. 3211

Mortgage Choice Act of 2013

June 9, 2014 (113th Congress, 2nd Session)

Staff Contact

Floor Situation

On Monday, June 9, 2014, the House will consider H.R. 3211, the Mortgage Choice Act of 2013, under a suspension of the rules.  H.R. 3211 was introduced on September 28, 2013 by Rep. Bill Huizenga (R-MI) and referred to the Committee on Financial Services, which ordered the bill reported by voice vote.

Bill Summary

H.R. 3211 amends the Truth in Lending Act to make changes to the definitions held within the Act.  The Consumer Financial Protection Bureau’s (CFPB) new qualified mortgage (QM) rules restrict the points and fees associated with a mortgage (e.g. insurance fees, guarantee fees, service charges, etc.) to no more than 3 percent of the total loan amount.  H.R. 3211 modifies the definition of points and fees to exclude insurance held in escrow and fees paid to companies affiliated with a creditor from the costs that would be used to calculate the 3 percent limitation.


According to CBO, H.R. 3211 would affect direct spending.  However, CBO does not estimate those effects to be significant.[1]  Enacting H.R. 3211 would not affect revenues or discretionary spending.

[1] http://www.cbo.gov/publication/45428

Additional Information

For questions or further information contact the GOP Conference at 5-5107.