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House Authorizes Technical Adjustments to TILA

Thursday, April 16, 2015

The House of Representatives has passed a bill which would amend the Truth in Lending Act (TILA) in respect to the way lenders compute and disclose points and fees information in a mortgage transaction.  The computation is used to determine if a mortgage is high cost or considered a qualified mortgage under ability to repay provisions. 

The legislation, HR 685, would exempt from the computation of points and fees any escrow taken at closing for future payment of insurance.  It would also modify the criteria for exclusion of "certain reasonable charges elsewhere exempted from the computation."


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