On Tuesday, June 18, 2013, NAR President Gary Thomas testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit in support of H.R. 1077, The Consumer Mortgage Choice Act.
Thomas expressed the need for this important legislation to level the playing field among the various lending business models and how they are treated under the 3% cap on fees and points in the Qualified Mortgage (QM). The Consumer Financial Protection Bureau (CFPB) appears to have made all the adjustments to the rule it can reasonably make under its authority. Therefore, this legislation is likely necessary in order to fix additional elements of the law that discriminate against lenders and reduce consumer access and choice.
NAR will continue to work to enact H.R. 1077 and its Senate companion S. 949 in order to ensure consumers have the broadest access to credit and services they need.