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U.S. GOVERNMENT
INFORMATION 4
115TH CONGRESS REPORT
2d Session j HOUSE OF REPRESENTATIVES 115-806
BUILDING UP INDEPENDENT LIVES AND DREAMS ACT
JULY 10, 2018.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 5953]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 5953) to provide regulatory relief to charitable organiza-
tions that provide housing assistance, and for other purposes, hav-
ing considered the same, report favorably thereon without amend-
ment and recommend that the bill do pass.
PURPOSE AND SUMMARY
Introduced by Representative Barry Loudermilk on May 24,
2018, H.R. 5953, the Building Up Independent Lives and Dreams
Act or the BUILD Act amends the Truth in Lending Act (TILA)
and Real Estate Settlement Procedures Act (RESPA) to allow bona-
fide nonprofit organizations-that are eligible for tax-exempt chari-
table donations and are making zero percent interest mortgage
loans-to choose whether to use the truth in lending (TIL), good
faith estimate (GFE), and HUD-1 forms in place of the TILA-
RESPA Integrated Disclosure (TRID) form established under the
Dodd-Frank Wall Street Reform and Consumer Protection Act.
BACKGROUND AND NEED FOR LEGISLATION
On November 20, 2013, the Bureau of Consumer Financial Pro-
tection (Bureau) issued the TILA-RESPA Integrated Disclosure
(TRID) Final Rule that requires mortgage lenders to use more eas-
ily understood and streamlined mortgage disclosure forms. The
TRID Rule applies to most closed-end consumer mortgages. It does
not apply to home equity lines of credit (HELOCs), reverse mort-
gages, or mortgages secured by a mobile home or by a dwelling
79-006](ViewImageLocal?handle=hein.congrecreports/crptxaisx0001&div=1&collection=&method=preview&ext=.png&size=3)