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REALTORS® Applaud House Passage of Mortgage Choice Act

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WASHINGTON (June 10, 2014) – The following is a statement by National Association of Realtors® President Steve Brown:

“The Mortgage Choice Act that passed the U.S. House of Representatives last night importantly redefines a provision in the Ability-to-Repay rules that limits mortgage fees and points to three percent in order for home loans to be considered Qualified Mortgages.  

“The provision unfairly prevents brokers and affiliated lenders from making QM loans because their joint venture services are collectively counted against the cap, while… Read More

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