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H.R. 2570 (115th): Mortgage Fairness Act of 2017

The text of the bill below is as of Nov 14, 2018 (Reported by House Committee).


IB

Union Calendar No. 801

115th CONGRESS

2d Session

H. R. 2570

[Report No. 115–1024]

IN THE HOUSE OF REPRESENTATIVES

May 19, 2017

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