House Passes Points and Fees Legislation
April 14, 2015
The U.S House of Representatives on Tuesday by a vote of 286-140 passed the Mortgage Choice Act (HR 685), a bill introduced by Rep. Bill Huizenga (R-Mich.) that would exclude fees a lender pays to an affiliated title company from the 3 percent cap on points and fees under the Consumer Financial Protection Bureau's Qualified Mortgage rule. While the bill passed the House by a vote of 286-140, ALTA believes Senate Democrats are likely to oppose the legislation. Additionally, the White House issued an administrative policy statement saying it will veto any points and fees legislation because it "would weaken key consumer protections and provisions of the Dodd-Frank Wall Street Reform Act."
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