In his remarks at the group’s annual convention today in East Meadow, N.Y., Gene Tricozzi, said the original bill, known by its number, H.R. 1077, was clean regarding the 3% fee cap.
The new bill, which is now called the Mortgage Choice Act, H.R. 3211, calls for loan level price adjustments to be included in the 3% calculation. Tricozzi added that this bill does not have any sponsors in the U.S. Senate yet.
NYAMB president Lou Borsellino added that in its original form, H.R. 1077 “was equally judgmental.” It is up to the mortgage broker industry to lobby its representatives.
“The people who craft these bills don’t know the mortgage industry and it is important to have its voice heard,” he continued.
John Commons, who is the group’s education chairman, said when brokers speak with their representatives they need to stress how the bill will affect the consumer, not how it affects their business.
Brokers need to stress that they are providing a service to the consumer, Tricozzi added.