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Senate panel considers raising state cap on certain second‑mortgage fees to match federal QM standard
Summary
Senate File 2296, presented by Senator Howell, would exempt subordinate-lien loans that meet federal Qualified Mortgage (QM) standards from Minnesota’s 1% single-service charge cap, effectively aligning eligible loans with the federal 3% QM pricing allowance for some loans; the committee laid the bill over for further consideration.
Senator Howell offered an author’s A1 amendment to Senate File 2296 and described the proposal as a way to make low‑balance, subordinate‑lien financing more available for homeowners who prefer to keep low‑rate first mortgages.
Under current Minnesota law, a single service charge…
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