Reps. Bill Huizenga, R-MI, and David Scott, D-GA, both members of the House Financial Services Committee, have reintroduced the Consumer Mortgage Choice Act, H.R.1077, legislation that would ease the definition of points and fees that the CFPB articulated in its ability-to-repay final rule issued in January. The definition is a key factor in determining whether a mortgage is a qualified mortgage, which requires that fees and points not exceed 3 percent. Currently, the definition would make hundreds of thousands of...
FHFA's plan for a single MBS platform that would be managed by a new government entity separate from Fannie Mae and Freddie Mac does not mean the agency is contemplating consolidating the two GSEs at this time.
The Mortgage Bankers Association and other industry trade groups are backing bipartisan legislation that would modify the definition of points and fees in the 'ability-to-repay' and QM rules.