Editor's Note: this bill, in prior legislation, was called the Consumer Mortgage Choice Act. It now has a new name: the Mortgage Choice Act.
This bill alters the Truth in Lending Act to exclude certain factors for determining points and fees for qualified mortgage (QM) eligibility. Since January 1st, 2014, new home loan fees are limited to 3% of the total home loan. This legislation exempts certain loan components from being calculated as part of that 3% ceiling. A list of those components can be found below.