Iowa passed a bill exempting mortgage bankers from certain loan charge restrictions. Under the bill, a mortgage banker licensed under the Mortgage Bankers and Brokers Act is not subject to the loan charge restrictions set forth in Iowa Code Ann. § 535.8(4)(a) (pertaining to origination fees, broker fees, commitment fees and closing fees) if the points and fees charged by all lenders in connection with the loan do not exceed the federal QM points and fees threshold. The bill becomes effective July 1, 2024.
Click to view the Iowa House File 2266: https://www.tenaco.com/wp-content/uploads/2024/04/IA-HB-2266-04-11-24.pdf
