Responsible Lending Act

Bill: 109-hr-1295
Sponsor: Rep. Ney, Robert W. [R-OH-18]
Introduced: 2005-03-15 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative procedure
Bank accounts
Bribery
Civil Rights and Liberties, Minority Issues
Civil actions and liability
Class actions (Civil procedure)
Commerce
Commercial arbitration
Compensation (Law)
Computer software
Confidential communications
Conflict of interests
Congress
Congressional investigations
Congressional reporting requirements
Consumer complaints
Consumer credit
Consumer education
Consumer protection
Contractors
Contracts
Counseling
Credit insurance
Crime and Law Enforcement
Damages
Data banks
Debtor and creditor
Department of Housing and Urban Development
Depreciation and amortization
Disaster insurance
Economics and Public Finance
Electronic government information
Emergency Management
Evidence (Law)
Executive reorganization
Extortion
Federal Reserve System
Federal advisory bodies
Federal aid to housing
Federal officials
Federal preemption
Fees
Finance charges
Financial statements
Fines (Penalties)
Foreclosure
Fraud
Government Operations and Politics
Government contractors
Government paperwork
Government publications
Government publicity
Governmental investigations
Home equity conversion
Home ownership
Home repair and improvement
Housing and Community Development
Housing finance
Insurance premiums
Interest
Internet
Interstate relations
Judicial review
Law
Legal fees
Liability (Law)
Licenses
Limitation of actions
Loan defaults
Mortgage banks
Mortgage guaranty insurance
Mortgage interest rates
Mortgages
Nonprofit organizations
Performance measurement
Property insurance
Property tax
Public meetings
Real estate appraisal
Rental housing
Restrictive trade practices
Right of privacy
Science, Technology, Communications
Settlement costs
Social Welfare
Standards
State laws
Surveys
Taxation
Telephone
Trusts and trustees
User charges
Web sites

Summary:
action_date: 2005-03-15
text: 
Responsible Lending Act - Mortgage Lending Improvements and Uniform National Standards Act - Amends the Truth in Lending Act to define higher-cost mortgage. 
 
Sets forth related provisions with respect to: (1) requirements for higher-cost mortgages; (2) dispute and error resolution; (3) damages, rescission and liability; (4) State law coordination; (5) State enforcement authority; (6) prepayment penalties and late charges; and (7) consumer counseling.
 
Expanding Housing Opportunities Through Education and Counseling Act - Amends the Department of Housing and Urban Development Act to establish, in the Office of the Secretary of Housing and Urban Development (HUD), the Office of Housing Counseling. Directs the Office to carry out HUD homeownership and rental counseling functions, including related research, grant administration, public outreach, and development of policy and performance measures. 
 
Amends the Housing and Urban Development Act of 1968 to direct the Secretary to: (1) establish homeownership and rental counseling procedures, and a related a toll-free telephone number and World Wide Web site; (2) certify computer software programs for consumer evaluation of residential mortgage loans; (3) establish a housing counseling multimedia outreach program for vulnerable populations; (4) assist States, local government, and non-profit organizations with consumer education programs about mortgage, refinancing, home equity, or home repair loans; and (5) make grants for State, local government, and nonprofit organization housing counseling assistance. 
 
Requires organizations to use HUD-certified counselors in order to qualify for specified HUD assistance. 
 
Amends the Real Estate Settlement Procedures Act of 1974 to: (1) revise the mortgage information booklet; (2) set forth prohibitions on a servicer of a federally related mortgage; and (3) prohibit a creditor from providing a higher-cost mortgage to any consumer without first obtaining a written appraisal of the property.
 
Amends the Truth in Lending Act to require a creditor in certain transactions secured by a residence to establish an escrow or impound account for taxes and hazard insurance payments.
 
Directs: (1) the Secretary to conduct studies of mortgage servicing fraud, and home loan default and foreclosures; and (2) the Government Accountability Office (GAO) to conduct an appraisal process study. 
 
Directs the Secretary to establish: (1) a national mortgage broker database; and (2) Federal mortgage broker requirements. Sets forth uniform State mortgage broker law guidelines, and states that Federal requirements shall apply to those States that have not enacted uniform laws.
 
Sets forth liability provisions for intentional unlawful disclosures, with a good faith exception.
 


Legislative actions:
action_date: 2005-06-27
text: Sponsor introductory remarks on measure. (CR H5182)
action_date: 2005-05-13
text: Referred to the Subcommittee on Housing and Community Opportunity.
action_date: 2005-05-13
text: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
action_date: 2005-03-15
text: Referred to the House Committee on Financial Services.
action_date: 2005-03-15
text: Introduced in House
action_date: 2005-03-15
text: Introduced in House