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House bill 1103 would let lenders charge points to lower borrowers' monthly payments
Summary
A Commerce Committee panel advanced House Bill 1103, sponsored by Rep. Cephas and Rep. Torsig, to allow mortgage lenders to charge points and discount points; the committee raised a definitional concern about the term "points" but moved the bill forward without objection.
House Bill 1103, sponsored by Representative Cephas and Representative Torsig, was advanced out of the Commerce Committee after sponsors said it would allow mortgage lenders to offer points and discount points so borrowers could buy down interest rates and reduce monthly payments.
Supporters told the committee the measure would align Pennsylvania with more than 45 other states that permit points and discount points, and would give borrowers an additional option to access credit without disturbing existing low interest rates on first-lien mortgages.
"This bill will…
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