On May 21, 2013 NAR submitted a statement for the record to the House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing on the Qualified Mortgage/Ability to Repay rule. NAR pointed out the discrimination in the calculation of fees and points under the rule. NAR advocated that Congress enact "The Consumer Mortgage Choice Act," H.R. 1077 and S. 949.
The bipartisan legislation addresses discrimination in the calculation of fees and points under the 3% cap in the Qualified Mortgage rule. The legislation is critical, particularly to real… Read More