SYS-CON MEDIA Authors: Yeshim Deniz, Mat Mathews, PR.com Newswire, David Smith, Tim Crawford

News Feed Item

Realtors(R) Applaud House Passage of Mortgage Choice Act

WASHINGTON, DC -- (Marketwired) -- 06/10/14 -- 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 individual services from large retail financial institutions are each capped separately.

"The Mortgage Choice Act treats affiliated and non-affiliated service providers the same way under the rule while still protecting borrowers from risky loan products.

"Realtors® will continue to advocate for this legislation to clarify the QM rules as it moves to the U.S. Senate."

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website.

For further information contact:
Jenny Werwa
202-383-1193
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.