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Critical Time for the Consumer Mortgage Choice Act

By Ken Trepeta, Director, Real Estate Services, National Association of REALTORS®

With the August Congressional recess, we entered a critical period for key legislation including the Consumer Mortgage Choice Act, H.R. 1077 and its Senate Companion, S. 949 introduced in May by Senators Joe Manchin (D-WV) and Mike Johanns (R-NE). Both of these bills fix the definition of fees and points in the Qualified Mortgage (QM) and Qualified Residential Mortgage (QRM) rules under the Dodd-Frank Wall Street Reform Act. In short, it reduces the discrimination against affiliate businesses and small and mid-size lenders.

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