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Tuesday, June 10, 2014

House Passes ABA-Backed Mortgage Reform Bill

The House last night approved the ABA-backed H.R. 3211 — introduced by Rep. Bill Huizenga (R-Mich.) — which would clarify the Qualified Mortgage points and fees test to exclude lender-paid compensation to a bank in a wholesale transaction.

As ABA explained in a memo to House Financial Services Committee members, inclusion of this payment, as required under current law, can cause a loan to exceed the 3% cap on points and fees, while a loan with the same interest rate and out-of-pocket costs made by a retail lender would not.

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