NAFCU, trades urge support of ‘points and fees’ bill

first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Support was lodged by NAFCU and other trades Monday for H.R. 685, the “Mortgage Choice Act,” a bill up for committee mark-up today that would clarify the definition of “points and fees” under the Truth in Lending Act and applied in CFPB’s qualified mortgage rule.The bipartisan bill was introduced by Reps. Bill Huizenga, R-Mich., Gregory Meeks, D-N.Y., and seven others. It is among the multiple NAFCU-backed regulatory relief bills being marked up by the House Financial Services Committee today.“By clarifying the QM rule’s definition of fees and points, H.R. 685 will enhance competition in the mortgage and title insurance markets and will ensure that consumers have greater access to mortgage credit and will be able to choose the lenders and title providers best suited for their individual needs,” the joint letter said. NAFCU and eight other trades sent the letter to all members of the House; other signers included the Mortgage Bankers Association, the National Association of Realtors, CUNA and the National Association of Home Builders.The committee will also mark up a series of other bills, including one focused on getting federal regulators to “stop and study” the impact of their capital rules on financial institutions’ mortgage servicing assets. continue reading »last_img

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