MBA Statement on the Protecting Americans from Credit Entanglements (PACE) Act

WASHINGTON, D.C. (April 76, 2017) – (RealEstateRama) — MBA President & CEO David H. Stevens, CMB made the following statement regarding yesterday’s introduction of S.838 and H.R. 1958, the Protecting Americans from Credit Entanglements (PACE) Act.

“Senators Cotton, Rubio and Boozman and Congressmen Sherman and Royce are to be lauded for introducing legislation that will protect low-income and elderly Americans from risky financial products. While energy efficient home improvements can be beneficial for some homeowners, MBA has significant concerns with the Property Assessed Clean Energy (PACE) program construct. PACE loans are, in substance, mortgage-related financing and should adhere to federal mortgage financing rules. This legislation will subject PACE loans to the same Truth in Lending Act consumer protections required of other applicable mortgage products. We look forward to continuing to work with Congress on this very important issue.”

CONTACT
Rob Van Raaphorst

(202) 557- 2799

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MBA

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700

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