Consumer Mortgage Choice Act Under Fire From CRL

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Posted To: MND NewsWire

The Center for Responsible Lending (CRL) has released a brief issues paper voicing objections to HR 1077 , The Consumer Mortgage Choice Act. The bill currently sits in the House Financial Services Committee of which its sponsor Representative Bill Huizenga (R-MI) is a member. The bill amends the Truth in Lending Act (TILA) with respect to disclosures of points and fees for so called "high cost" mortgage loans and has the following key points Excludes from the computation of such points and fees: (1) the amount of any loan level price adjustment payment set by Fannie Mae, Freddie Mac, FHA, or similar government entity, (2) any compensation paid by a mortgage originator to an employee or creditor; and (3) any escrow for future payment of insurance. Modifies the inclusion in the computation of...(read more)

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Source: http://www.mortgagenewsdaily.com/05172013_qualified_mortgages.asp

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