Potential impact of Financial CHOICE Act on mortgage industry

Financial Choice Act mortgagesOn May 4, 2017, the House Financial Services Committee moved the Financial CHOICE Act to the House floor with a 34-26 party-line vote. We anticipate that the House will approve the bill in the coming weeks, but clearing the Senate is more uncertain because Democratic support will be necessary.

While the bill is generally viewed as a long-shot to move through the Senate, Republican lawmakers remain optimistic about the bill’s prospects. In light of the potential for drastic changes to the regulatory and supervisory requirements imposed by the Dodd-Frank Act, we wanted to take a closer look at what the Financial CHOICE Act could mean for financial institutions – starting with the mortgage industry.