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House Financial Services Committee passes Mortgage Choice Act
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Legislative Developments
Tuesday, May 13, 2014
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The House Financial Services Committee passed the Mortgage Choice Act, which makes adjustments to the Truth in Lending Act (TILA) definition of fees and points to ensure greater consumer choice in mortgage and settlement services under the Ability to Repay/Qualified Mortgage (QM) rule.
The bill would modify the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in exclusions of credit secured by an interest in real property. It would exclude from points and fees any such reasonable charges even though a creditor receives compensation, but only in so far as the creditor or its affiliates retains the compensation as a result of their participation in an affiliated business arrangement.
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