A MESSAGE FROM THE UAMP PRESIDENT
Dear Mortgage Professionals,
We just had our March Luncheon. We discussed some new changes on the horizon.
First, on the national front. We discussed the bill introduced by Representative Bill Huizenga, (R-MI) HR 1077. This is a bill to amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction. The bill, which has seven bi-partisan sponsors, has been referred to the House Committee on Financial Services. NAMB/UAMP and the MBA support this bill.
According to the MBA statement the bill would "modify the definition of points and fees in the Dodd-Frank Act's Ability to Repay/Qualified Mortgage provisions to improve access to affordable mortgage credit for qualified borrowers."
H.R. 1077 would increase choices and lower costs for borrowers by modifying the points and fees calculation to for a Qualified Mortgage definition. It would:
- Add fees paid to lender-affiliated title entities to the current exclusion for fees to unaffiliated entities;
- Prevent double counting of loan officer compensation;
- Clarify that amounts held in insurance escrow accounts should not be included in the calculation;
- Excludes lender charges necessary to cover Loan Level Price Adjustments (LLPAs) charged by Fannie Mae and Freddie Mac; and
- Excludes lender-paid compensation to a correspondent bank or mortgage brokerage in a wholesale transaction.
We also discussed the new NMLS UST. We understand who has to take it, what it will cost, why we should/shouldn't take it, when it will be available, and what it is. We encourage you to join us for furture events so you are in the know too.
If you are concerned with how things are going or want to make sure they only get better WE NEED YOU. Attending these sorts of events and supporting the UAMP and NAMB will help make a difference. Please click on UAMP Membership on the left and JOIN TODAY.
The UAMP President