Federal qualified mortgage points and fees threshold satisfying loans exclusion from the definition of a conventional loan provision

This bill amends Minnesota law to exclude certain mortgages from the definition of a "conventional loan" if they meet the federal Qualified Mortgage points and fees threshold (12 CFR §1026.43(e)(3)). Specifically, loans where borrower fees and points don’t exceed the federal limit will no longer be classified as conventional loans under state law. This change directly affects borrowers and lenders who originate mortgages meeting this federal standard, simplifying compliance for those specific loans. The policy adjustment aligns Minnesota’s definition with federal mortgage rules for these qualifying loans.