Legislative Updates: THUD Appropriations and Transitional Licensing

Thus Appropriations
The Appropriations Committee in the House of Representatives passed the Fiscal Year 2017 Transportation, Housing and Urban Development, and Related Agencies (THUD) appropriations bill this week that includes $38.7 billion for HUD programs.

The appropriations bill provides $55 million for housing counseling and extends FHA’s authority to continue insuring Home Equity Conversion Mortgages when the new federal fiscal year begins on October 1. The full House must now vote on the legislation.

Last week, the Senate passed its own THUD Appropriations bill. If the House of Representatives passes a bill, the two versions will have to be reconciled and signed into law before the new fiscal year begins on October 1. If that doesn’t happen, then Congress must pass a continuing resolution that keeps the government running at current funding levels.
Transitional Licensing
On Monday, the House passed bipartisan legislation that would allow loan originators to obtain a temporary license when transitioning to another financial institution or moving to another state.  The SAFE Transitional Licensing Act of 2015 (H.R. 2121) is currently pending action in the Senate.