House passes HR 3211 the “Mortgage Choice Act”

House passes HR 3211 the “Mortgage Choice Act”

On June 9, the U.S. House of Representatives unanimously passed H.R. 3211, the Mortgage Choice Act of 2013.  The bill, sponsored by Rep. Bill Huizenga, R-Michigan,  specifically exempts fees paid to businesses affiliated with the lender, such as title companies, from the computation of points and fees under the QM cap.

 

The bill specifically exempts fees paid to businesses affiliated with the lender, such as title companies, from the computation of points and fees under the QM cap.  Fees paid to unaffiliated businesses were already exempt.

Passage of the bill had been strongly advocated by the National Association of Federal Credit Unions (NAFCU) and the Mortgage Bankers Association (MBA) among others and opposed by consumer advocacy organizations such as the Center for Responsible Lending (CRL) and the Consumer Federation of America (CFA). 

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