Report: Points and Fees Bill May Gain Traction in Congress
January 6, 2015
Mortgage lenders hope that the new Republican-controlled Congress will be receptive to making changes to the Qualified Mortgage (QM) rule, including passage of a bill that would exclude fees a lender pays to an affiliated title company from a 3 percent cap on points and fees. However, Senate Democrats, including Elizabeth Warren and Jeff Merkley, are likely to strongly oppose the legislation, and the White House would veto and points and fees legislation.
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