Call to Action Regarding HR 1077 and QM/ATR

05 Aug 2013 9:07 AM | Adrienne Randol

On July 30th, Marc Savitt (NAIHP), Jeri Lynn Fox (USA Mortgage), Bob Perry and had the opportunity to share a call to action with hundreds of MLO's. We are sorry that you were unable to participate. I know that business events often prevent finding the time to attend events and maybe priorities make it inconvenient, too.


Just in case you are interested in helping the more than 800 folks who registered for the event make the result positive for industry and consumers, you can still get involved. And, since you are an IMMAAG user I know you care enough to act or share the invitation to act with someone you know.


The webinar addressed the issue of the disparate, unfair and confusing treatment that will be imposed on consumers and originators by the way the CFPB has implemented its final QM/ATR rule. The webinar also explained the actions to take to help prevent the outcome and provided information about the tools available to help.


A recorded version of the webinar is available as a link on the IMMAAG home page at Feel free to go there at your convenience and don't hesitate to share the link with every originator you know.   

The issues at hand are so incredibly important to consumers and the MLO industry that your action, maybe more than ever before, is needed. With it we have a possibility to create a different, better outcome than what will occur if you don't reach out in August.

The materials enabling you to share the problems and a solution with your Congressional member and Senator are available on the IMMAAG website. Just go to and use the link. While there are a lot of materials, I did prepare a consolidated package in a single pdf file. There is a cover letter to go with that and I am adding the names of all of the HFSC and Senate Banking Committee members as well as the sponsors of each bill.

While it would be great to see each member, even if all you can do is get the package in the hands of the staff and share the talking points with them, they have got to hear that even though the content of HR1077 is embraced in the new HR2767; you are imploring them to join in the support or continue their support of the stand alone bills.

HR2767 repeals the reverse mortgage program and has enough controversial language about the wind down of Fannie Mae and Freddie Mac and the HUD changes that it may never make it anywhere.

We need the stand along bills before January.

When you meet with your congressional member, acknowledge you understand September will be a tough month because of the debt ceiling and keeping the government running, but remind them that if HR1077 and S949 do not pass, thousands of small business and tens of thousands of individual originators will suffer a potential end to their business model and hundreds of thousands of consumers will be harmed by the new required misinformation form the CFPB's final rule.

Remind them that the reason you are pressing so hard on the legislation is, as your package demonstrates, the CFPB's consistent resistance to acting on fact-based input.

During the webinar, several people wanted to know about the 3% CAP on Points and Fees. I committed to sending a summary by the end of the week, i.e. today. I have to apologize but my primary computer has blown up and is now in its 7thhour of a boot scan to overcome the hacking of all of my business email accounts. So, instead of a summary I am including a link to what I believe is a very well written report form October Research and the October Store that includes several pages that fully explain where the Points and Fees stand as of the rule. I will be creating an IMMAAG summary (assuming the system comes back to life) over the weekend and posting it on the website.

In the meantime, just click on this link and you can receive a free downloaded copy of the report.

I also have to apologize that the main server is down, so you may not be able to reply to this or send emails to or until Monday. Feel free to call me at (303) 674-1200 if you need any help getting ready to meet your congress person.

Thanks again for attending and for your willingness to help.



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