Mortgage Choice Act Passes


MBA’s Stevens Comments on the Passage of H.R. 3211, The Mortgage Choice ActWASHINGTON, D.C. (June 9, 2014)–Today, David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), released the following statement on the United States House of Representatives passage of H.R. 3211, The Mortgage Choice Act:“MBA commends the House of Representatives for approving this bipartisan legislation, which excludes from the Qualified Mortgage (QM) definition of points and fees all title charges, regardless of whether they are charged by an affiliated company, provided they are bona fide and reasonable.  Proper implementation of the ability to repay and QM requirements is crucial to allowing credit-worthy consumers to purchase or refinance a home at affordable rates.  MBA looks forward to continuing to work closely with lawmakers as the bill moves to the Senate for consideration.”The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, REITs, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: