Mortgage Fairness Act of 2017

Bill: 115-hr-2570
Sponsor: full_name: Rep. Posey, Bill [R-FL-8]
Introduced: 2017-05-19
Policy area: Housing and Community Development
Subjects: Consumer credit

Housing finance and home ownership

Interest, dividends, interest rates
Latest action: action_date: 2018-11-14
text: Placed on the Union Calendar, Calendar No. 801.

Summaries:
action_date: 2017-05-19
action_desc: Introduced in House
text: <p><b>Mortgage Fairness Act of 2017 </b></p> <p>This bill amends the Truth in Lending Act to revise the definition of&nbsp;"points and fees," for purposes of determining whether a mortgage is a "high-cost mortgage," to: (1)&nbsp;exclude compensation taken into account in setting the interest rate and for which the consumer was not separately charged, and (2) include compensation paid by a consumer or creditor to an individual employed by or contracting with a mortgage originator. (A high-cost mortgage designation restricts the terms of&nbsp;a loan and requires a lender to make certain disclosures to the borrower.) </p>

action_date: 2018-11-14
action_desc: Reported to House without amendment
text: <p><b>Mortgage Fairness Act of 2017 </b></p> <p>This bill amends the Truth in Lending Act to revise the definition of&nbsp;"points and fees," for purposes of determining whether a mortgage is a "high-cost mortgage," to: (1)&nbsp;exclude compensation taken into account in setting the interest rate and for which the consumer was not separately charged, and (2) include compensation paid by a consumer or creditor to an individual employed by or contracting with a mortgage originator. (A high-cost mortgage designation restricts the terms of&nbsp;a loan and requires a lender to make certain disclosures to the borrower.) </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 2570 IN THE HOUSE OF REPRESENTATIVES May 19, 2017 Mr. Posey introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Truth in Lending Act to clarify that the points and fees in connection with a mortgage loan do not include certain compensation amounts already taken into account in setting the interest rate on such loan, and for other purposes.

1. Short title This Act may be cited as the Mortgage Fairness Act of 2017 . 2. Points and fees Section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 ) is amended— (1) by redesignating subsection (aa) (relating to disclosure of the greater amount or percentage) as subsection (bb); (2) by redesignating subsection (bb) (relating to high cost mortgages) as subsection (aa), and moving such subsection to immediately follow subsection (z); and (3) in paragraph (4) of subsection (aa), as so redesignated, by amending subparagraph (B) to read as follows: (B) all compensation from any source (other than compensation taken into account in setting the interest rate and for which there is no separate charge to the consumer) paid directly or indirectly by a consumer or creditor to— (i) a mortgage originator, including a mortgage originator that is also the creditor in a table-funded transaction; or (ii) an individual employed by or contracting with the originator or a mortgage originator; .

tv_txt: IB Union Calendar No. 801 115th CONGRESS 2d Session H. R. 2570 [Report No. 115–1024] IN THE HOUSE OF REPRESENTATIVES May 19, 2017 Mr. Posey introduced the following bill; which was referred to the Committee on Financial Services November 14, 2018 Additional sponsors: Mr. Ross and Mr. Rohrabacher November 14, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Truth in Lending Act to clarify that the points and fees in connection with a mortgage loan do not include certain compensation amounts already taken into account in setting the interest rate on such loan, and for other purposes.

1. Short title This Act may be cited as the Mortgage Fairness Act of 2017 . 2. Points and fees Section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 ) is amended— (1) by redesignating subsection (aa) (relating to disclosure of the greater amount or percentage) as subsection (bb); (2) by redesignating subsection (bb) (relating to high cost mortgages) as subsection (aa), and moving such subsection to immediately follow subsection (z); and (3) in paragraph (4) of subsection (aa), as so redesignated, by amending subparagraph (B) to read as follows: (B) all compensation from any source (other than compensation taken into account in setting the interest rate and for which there is no separate charge to the consumer) paid directly or indirectly by a consumer or creditor to— (i) a mortgage originator, including a mortgage originator that is also the creditor in a table-funded transaction; or (ii) an individual employed by or contracting with the originator or a mortgage originator; .

November 14, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed