Call to Action — Support Mortgage Choice Act


Today the House of Representatives will consider the Mortgage Choice Act (H.R. 3211). H.R. 3211 is a bipartisan bill that would make important changes to the way “points and fees” are calculated under the Qualified Mortgage (QM) definition in the Dodd-Frank Act.H.R. 3211 focuses on making two vitally important adjustments to the Truth in Lending Act (TILA) definition of points and fees to ensure greater consumer choice in mortgage and settlement services under the QM rule.Dodd-Frank provides that a QM, under its “ability to repay” standards, cannot have points and fees in excess of three percent of the loan amount. This three percent limit on points and fees could have the unintended effect of limiting the availability of affordable mortgage credit, particularly for loans under $150,000.H.R. 3211 endeavors to restore a full and open competitive market by clarifying the definition of fees and points. In doing so, the legislation will ensure consumers have greater access to mortgage credit and also more choices in credit providers. Proper implementation of the ability to repay and QM requirements is crucial to allowing credit-worthy consumers purchase or refinance a home at affordable rates. MBA is asking you to please contact your Representative to urge them to support this important legislation.Please click HERE to go to the MAA homepage and click on the “Take Action” button to get started. If you don’t have, or have forgotten your username and password, click on “forgot password” to retrieve it. Please contact Annie Gawkowski at 202-557-2816 if you need assistance.

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