House Financial Services Committee Advances Two Bills of Interest to the Industry

On Tuesday, the House Financial Services Committee advanced two bills with strong bipartisan support. Both bills carry significant implications for the manufactured housing industry.

H.R. 2808 – Homeowners Privacy Protection Act

Approved unanimously by a vote of 46–0, H.R. 2808 would prohibit the use of so-called “trigger leads” in mortgage lending. These leads occur when credit bureaus sell information indicating a borrower has applied for a mortgage—often resulting in a flood of unsolicited calls and texts from competing lenders.

The bill includes key exceptions that protect legitimate lending relationships:

• When the borrower consents to trigger leads,
• When the lender originated the borrower’s current loan,
• When the servicer of the current loan is servicing the borrower’s loan,
• When an insured bank or credit union with an existing account contacts the borrower.

These provisions will protect MHI member lenders who originate and service the loans and manufactured home buyers who are frequently targeted by aggressive and confusing solicitations after applying for financing.

An amendment by Rep. Young Kim (CA-40) was adopted, directing the Government Accounting Office to study the issue further. With the bill mirroring legislation already passed by the Senate and currently being fast-tracked, it stands a strong chance of becoming law soon.

H.R. 225 – HUD Transparency Act

Also approved on Tuesday, by a vote of 50–1, H.R. 225 would require the HUD Inspector General to testify annually before Congress by October 1 of each year. This testimony would be delivered to both the House Financial Services Committee and the Senate Banking Committee.

The bill, which passed the House in the previous Congress by voice vote, aims to enhance oversight and accountability at HUD—particularly in the use of grant funds.

MHI is hopeful that this will improve accountability in areas like misuse of HUD grant funds by non-profits that divert taxpayer funds for soft costs and lobbying state governments, as we have witnessed in recent years.