Both chambers are scheduled to meet this month to try and match the two versions of the bill as closely as possible, with Sweeney hoping for a strong push by mortgage and real estate professionals to get the amendment over the line. “Everyone in the housing industry needs to complete a call to action emailing their member of Congress now,” she said.
BAC keeps strong focus on FHFA’s TPO surcharge
McKay highlighted another current area of regulatory concern for the BAC: namely, a 15-basis-point surcharge on all third-party originating (TPO) loans by the Federal Housing Finance Agency (FHFA), the majority of which are wholesale mortgages.
The FHFA views those loan types as riskier than retail direct – but McKay said a recently-completed survey conducted by the BAC shows that to be an incorrect view. “Over the next few months, we’ll release the results to the rest of the community and engage in conversations with FHFA to right this wrong,” he said.
McKay said over $1 billion in unjustified fess had been collected from mortgage broker consumers under that rule – “and we intend to address this.” Discussions will continue, meanwhile with the Consumer Financial Protection Bureau (CFPB) about adjusting an APR calculation he said is “currently broken’ for a number of reasons.
That’s especially the case, according to McKay, on borrower paid commission (BPC) transactions. “We believe that just as lender costs should be factored into the APR calculator,” he said, “so should lender credits.”
Source: mpamag.com