Legislation Would Revise QM Points-and-Fees Calculation Sens. Joe Manchin, D-WV, and Mike Johanns, R-NE, introduced legislation last week that would amend the way ‘points and fees’ are calculated to determine if a loan meets the ‘qualified mortgage’ definition under the CFPB’s ability-to-repay rule, issued earlier this year. Under the rule, a QM cannot have points and fees exceeding three percent of the loan amount. S. 949 is a companion to H.R. 1077, the Consumer Mortgage Choice Act, which has steadily picked up support since...