Detroit Delays Action on Points and Fees

The Detroit City Council will delay until at least mid-December a decision on a proposed ordinance that would, among other things, restrict points and fees paid to local lenders, industry sources say.The postponement of a decision on the proposed ordinance may give mortgage lenders and brokers time to convince city officials to make industry-friendly changes to the proposal, but the city appears set on pressing ahead with an ordinance of some kind, said Murray Brown, director of development for the Michigan Mortgage Lenders Association, and Anthony O. Kellum, president of the Michigan Mortgage Brokers Association. "The lender coalition, including the Michigan Mortgage Brokers, may [now have time to] come out with a better ordinance … that speaks more to industry and also consumers without denying access to credit to folks," Mr. Kellum said.