Senate Banking Committee advances bipartisan housing bill

The Senate Banking Committee advanced the bipartisan Renewing Opportunity in the American Dream (ROAD) to Housing Act Tuesday with a unanimous vote. America’s Credit Unions wrote to the committee prior to the markup, calling the bill a strong first step in addressing housing affordability and shortages.

The bill is designed to boost housing supply, improve affordability, and increase oversight. America’s Credit Unions supports language in the bill that:

• Allows the CFPB to revise mortgage originator compensation rules so that loan officers are not penalized for originating small-dollar mortgages;
• Permits the CFPB to adjust the Qualified Mortgage points-and-fees cap for loans under $100,000; and
• Modernizes the Federal Housing Administration’s appraisal requirements, allows greater use of credentialed trainees, and expands appraiser workforce development through grants.

America’s Credit Unions strongly supports additional legislation to allow credit unions to offer longer loan terms and include credit unions as Community Financial Institutions under the Federal Home Loan Bank Act. It will continue to work to advance those bills, as well as advocate for additional policies to let credit unions serve members in the housing market.