April 6, 2012
With Congress out of session for two weeks, members of the House and Senate spent the week in their home states. Here in Washington, DC, MBA has been putting the finishing touches on the National Advocacy Conference and confirming an exciting slate of speakers to address attendees during the conference on April 18 and 19. Meanwhile, Mortgage Action Alliance members swung into action to urge their Members of Congress to cosponsor legislation that clarifies the points and fees test in the QM definition.
In this Issue:
MBA Grassroots Swings Into Action on Proposed QM Rule
This week, members of the Mortgage Action Alliance, Inc. sprang into action to support the industry on key issues related to the proposed qualified mortgage (QM) rule. First, MAA members took action to write to CFPB Director Richard Cordray to raise concerns about a potentially narrow definition of QM, the need for safe harbor over a rebuttable presumption of compliance on ability to repay, and the proposed three percent limit on points and fees. In the second Call to Action, MAA members wrote to their representatives in the House to support recently introduced legislation, HR 4223 the Consumer Mortgage Choice Act, that would make three important changes to the way points and fees are calculated under the QM definition in Dodd-Frank Act by clarifying that affiliate title fees, certain loan originator compensation, and escrow payments are not included in the calculation. To take action click here. For more information, please contact William Kooper at (202)557-2737.
Senator Mark Warner to Speak at MBA National Advocacy Conference
Senator Mark Warner (D-VA) will join the growing list of speakers to present at MBA's National Advocacy Conference, taking place on April 18-19th in Washington, D.C. The Senator is a member of the House Committee on Banking, Housing, and Urban Affairs serving as chairman on the Subcommittee on Security and International Trade and Finance. For more information, contact William Kooper (202) 557-3737.
MBA Comment and Congressional Letter(s):
Joint Trades Comment on Know Before You Owe Round 9 MBA along with other industry associations submitted comments concerning the Round 9 prototype disclosure forms offered by the Bureau of Consumer Financial Protection (CFPB) as part of the CFPB's Know Before You Owe effort. The CFPB has said it will issue a proposed rule for public comment by July 21, 2012. For more information, please contact Ken Markison at (202) 557-2930.
Industry Developments:
For more information, please contact Ken Markison at (202) 557-2930.
Congressional Hearings:
April: None scheduled as of today for the week of the 9th-12th
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