TMBPAC - Importance

Decisions made by the State Legislature impact not only your livelihood, but your customer’s access to mortgage money as well. In order for our voice to be effective in the legislature, we must be successful at raising funds. We have the ability to support candidates who share our industry views. Also, we have a responsibility to protect not only our businesses, but an availability of competitive mortgage money to consumers. TMBPAC is a vehicle for individuals to collectively become involved in the political process in support of issues important to their work and lives.

• Legislation to give prosecutors additional tools and authority to prosecute residential mortgage fraud and the creation of the. 

• Residential Mortgage Fraud Task Force to combine the resources of involved state agencies to combat that growing problem.

• Clarification of home equity lending provisions to avoid legal conflicts in home equity loans.

• Legislation to regulate the abuses by property tax lenders which have been eroding the collateral of traditional mortgage lenders.

• Legislation to assure that mortgage bankers would be taxed only  on Texas related business.

• In addition, TMBA strenuously opposed the following legislation that was proposed but NOT adopted during the 2007 Legislative session.

•  Legislation requiring mandatory counseling before a mortgage  loan could be made.

• Legislation requiring a lender to determine that there was a “tangible net benefit” to the borrower before making a home loan that refinanced an existing home loan.

• Legislation prohibiting use of a credit score in connection with making of a loan.

• Legislation requiring a new separate (and duplicative) disclosure of any prepayment penalty on a home loan.