WASHINGTON — Lenders are seeking fixes to a proposal by the Consumer Financial Protection Bureau that would allow institutions to repay points and fees that inadvertently exceeded the "qualified mortgage" rule.

The agency unveiled a plan in April that would give lenders 120 days after closing to review a loan to ensure it doesn't exceed a 3% points and fees cap. If an overage is discovered, the lender must refund the overage amount to the borrower.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.