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House Passes Mortgage Choice Act

Published on February 9, 2018 by Greg Zagorski
House Passes Mortgage Choice Act

The U.S. House of Representatives on Thursday passed the Mortgage Choice Act (H.R. 1153). The legislation, which was introduced by Rep. Bill Huizenga (R-MI), would adjust the definition of “points and fees” in CFBP’s Ability-to-Repay/Qualified Mortgage rule to exclude insurance premiums held in escrow and title insurance charges from a company that’s affiliated with the lender. This could allow more conventional loans to meet CFPB’s definition of a “Qualified Mortgage,” as they would be less likely to exceed the Rule’s 3 percent cap on points and fees.

The legislation passed by a vote of 280-131, with all Republicans and 52 Democrats voting in favor.

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