A housing finance reform bill that would wind down Fannie Mae and Freddie Mac also contains a number of regulatory relief provisions, including tweaks to the CFPB's Qualified Mortgage rule and exam reform.
For example, Title IV of the Protecting American Taxpayers and Homeowners Act includes a section that would exclude a number of items from the qualified mortgage 3% cap on points and fees that make compliance unprofitable for some credit unions.
Title charges, loan officer compensation, escrow charges for taxes and insurance, lender-paid compensation to a correspondent bank, credit union or mortgage brokerage firm, and loan-level price adjustments charged by Fannie or Freddie to offset risk factors would all be excluded from the cap under the bill.
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