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Committee sends HF1865 to general register to let QM-qualified loans exceed Minnesota's 1% fee cap
Summary
March 12, 2024 — The Minnesota House Commerce Finance and Policy Committee recommended House File 1865, as amended, to the general register after brief testimony and the author's amendment passed.
March 12, 2024 — The Minnesota House Commerce Finance and Policy Committee recommended House File 1865, as amended, to the general register after brief testimony and the author's amendment passed. Representative Nolan Allen moved the bill and offered an A1 amendment, which members approved before advancing the legislation.
Why it matters: Supporters say the measure would give homeowners more options to access built equity without taking higher-rate purchase mortgages. Representative Allen told the committee that rising interest rates since 2020 have left many property…
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