Will the third time be the charm?
For the third consecutive congressional session, the House passed the Mortgage Choice Act, a bill which changes the way points and fees are calculated by excluding fees paid for affiliated title charges and escrow charges for insurance and taxes.
The bill got substantial bipartisan support despite calls from the committee ranking member that it would “allow title insurance companies to jack up prices on borrowers and allow lenders to receive what would otherwise be illegal kickbacks.” Read on for more details and reactions.
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