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CUNA supports access to Affordable Mortgages Act of 2014
WASHINGTON, DC (July 22, 2014) — CUNA send a letter to Representative Blaine Luetkemeyer (R-Mo.) today, thanking him for introducing legislation CUNA testified in support of last week, H.R. 5148, the “Access to Affordable Mortgages Act of 2014.” The bill would allow credit unions that offer mortgage loans secured by covered properties to better serve their middle to lower income members and provide both regulatory relief to mortgage lenders as well as increase access to mortgage credit availability for borrowers purchasing lower cost dwellings.
See the full text of the letter below:
July 22, 2014
The Honorable Blaine Luetkemeyer
U.S. House of Representatives
2440 Rayburn House Office Building
Washington, D.C. 20515
Dear Congressman Luetkemeyer:
On behalf of the Credit Union National Association (CUNA), I am writing to thank you for introducing H.R. 5148, the “Access to Affordable Mortgages Act of 2014.” CUNA is the largest credit union advocacy organization in the United States, representing America’s state and federally chartered credit unions and their 99 million members.
CUNA was pleased to testify last week in support of this legislation. We support the goals of the “Access to Affordable Mortgages Act of 2014,” which would amend the Truth in Lending Act (TILA) to exempt certain higher-risk mortgages from property appraisal requirements. By providing an exemption from the Truth in Lending Act appraisal requirements for properties with transaction values of $250,000 or less for loans held on portfolio for at least three years, the bill would provide both regulatory relief to mortgage lenders as well as increase access to mortgage credit availability for borrowers purchasing lower cost dwellings. The bill would also amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt this same category of higher-risk mortgages from the standards prescribed by the federal interagency appraisal requirements, as long as such mortgage loans are held on a lender’s portfolio for at least three years. Again, the bill would allow credit unions that offer mortgage loans secured by covered properties to better serve their middle to lower income members.
On behalf of America’s credit unions and their 99 million members, thank you for introducing this legislation. We look forward to working with you to see its enactment.
Sincerely,
Bill Hampel
President & CEO