Items Tagged with 'points and fees'

ARTICLES

  • Mortgage Choice Act approved by House of Representatives

    Bill to adjust TILA definition of points and fees passes House for third time
    The House of Representatives voted Thursday to pass the Mortgage Choice Act of 2017, which would adjust the Truth in Lending Act’s definitions of points and fees under the Ability to Repay/Qualified Mortgage rule. This is actually the third time that the House has passed a “Mortgage Choice Act” that contained similar provisions.
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  • Fed sanctions Peoples Bank for misleading borrowers on mortgage fees

    Ordered to pay $2.8 million in restitution to affected borrowers
    Kansas-based Peoples Bank repeatedly misled borrowers about the fees they paid under the auspices of lowering the interest rate on their mortgages, the Federal Reserve Board said on Tuesday. The Fed is requiring Peoples to pay approximately $2.8 million into an account to provide restitution to the affected borrowers.
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  • Mortgage Choice Act goes to House floor today

    Bill would ease regulatory burden on mortgage lending
    A bill that mortgage lenders and housing advocates say is critical to the industry goes to the floor of the House of Representatives today. Does it go far enough, and will it make it past opponents who warn of a return to the days of high risk?
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  • The clock is ticking: New points and fees on mortgages coming soon

    Dodd-Frank’s ability-to-repay rule strikes the market in January, bringing new standards for calculating points and fees on newly originated mortgages with it. But as with all things coming out of Dodd-Frank, a massive lobbying effort is already underway to change the points and fees standard before it leads to tighter credit and dwindling consumer options.
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