MBA's Stevens Comments on the Passage of H.R. 3211, The Mortgage Choice Act

WASHINGTON, D.C. (June 9, 2014) – Today, David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), released the following statement on the United States House of Representatives passage of H.R. 3211, The Mortgage Choice Act:

“MBA commends the House of Representatives for approving this bipartisan legislation, which excludes from the Qualified Mortgage (QM) definition of points and fees all title charges, regardless of whether they are charged by an affiliated company, provided they are bona fide and reasonable.  Proper implementation of the ability to repay and QM requirements is crucial to allowing credit-worthy consumers to purchase or refinance a home at affordable rates.  MBA looks forward to continuing to work closely with lawmakers as the bill moves to the Senate for consideration.”