Kustoff Applauds Committee Passage of Bill to Help Homebuyers
Washington, D.C. – U.S. Representative David Kustoff (TN-08), a member of the House Financial Services Committee, today applauded committee passage of the Securing Access to Affordable Mortgage Act of 2017 (H.R. 3221). This legislation will ease the unfair appraisal requirements that are hurting rural communities and would assist hopeful home buyers by decreasing costs and delays during the process of obtaining a mortgage.
“Buying and owning a home is central to the American Dream,” said Congressman Kustoff. “Unfortunately for many first-time home buyers, it is more challenging than ever to access the money necessary to reach this important milestone. The Securing Access to Affordable Mortgage Act will undo burdensome regulations and level the playing field for those in hopes of buying a home, particularly in our rural communities. I am glad this important legislation will move forward to reduce the regulatory burden on West Tennessee homebuyers.”
The primary cause of this problem is that many rural communities lack the adequate number of qualified appraisers. Under current standards, the costs associated with an appraisal on a small real estate loan are disproportionately high for the property’s purchase price. Community banks, credit unions and other small financial institutions are strained by these regulations and forced to bring in outside appraisers who have little to no knowledge of the rural areas they are hired to assess.
Click here for more information about the Securing Access to Affordable Mortgage Act of 2017.
Congressman Kustoff is a member of the House Financial Services Committee, serving on three subcommittees for the 115th Congress: Financial Institutions and Consumer Credit, Oversight and Investigation and Terrorism and Illicit Finance. He previously served as the U.S. Attorney for the Western District of Tennessee under President George W. Bush.