House Passes Mortgage Choice Act

On September 16, the House of Representatives passed H.R. 5461, a compendium of legislation that included H.R. 3211, The Mortgage Choice Act. H.R. 3211 addresses discrimination in the calculation of fees and points in the Qualified Mortgage Rule. The bipartisan legislation is designed to present the Senate with a package of widely agreed upon reforms thatContinue reading “House Passes Mortgage Choice Act”

HUD Proposes Elimination of FHA Post-Payment Interest

On March 13, 2014, the Department of Housing and Urban Development (HUD) issued a proposed rule to eliminate Federal Housing Administration (FHA) post-payment interest charges. The policy change would prohibit mortgagees from charging borrowers interest on home mortgages for days or weeks after a principal balance pay-off. The proposed rule will align HUD policy withContinue reading “HUD Proposes Elimination of FHA Post-Payment Interest”