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H.R. 3978 (115th): TRID Improvement Act of 2017


The text of the bill below is as of Jan 25, 2018 (Reported by House Committee).

Summary of this bill

Source: Republican Policy Committee

H.R. 3978 includes the text of 6 bills, H.R. 3978, the TRID Improvement Act, H.R. 1645, the Fostering Innovation Act of 2017, H.R. 4546, the National Securities Exchange Regulatory Parity Act, H.R. 3948, the Protection of Source Code Act, H.R. 2948, to amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a temporary license for loan originators transitioning between employers, and H.R. 4061, the Financial Stability Oversight Council Improvement Act of 2017. Specifically, the bill does the following:

Title I: TRID Improvement (H.R. 3978)

Title I amends the Real Estate Settlement Procedures Act of 1974 to direct the Consumer Financial Protection Bureau (CFPB) to require mortgage lenders to disclose …


IB

Union Calendar No. 389

115th CONGRESS

2d Session

H. R. 3978

[Report No. 115–524]

IN THE HOUSE OF REPRESENTATIVES

October 5, 2017

(for himself and Mr. Kihuen) introduced the following bill; which was referred to the Committee on Financial Services

January 25, 2018

Additional sponsors: Mr. Luetkemeyer, Mr. Royce of California, Mr. Barr, Mr. Stivers, Mr. Emmer, Mr. Ross, Mr. Hollingsworth, Mr. Sherman, Mr. Gonzalez of Texas, Mr. Williams, Ms. Tenney, Mr. Messer, Mr. Zeldin, Ms. Sinema, Mr. Norman, Mr. Pearce, and Mr. Gottheimer

January 25, 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 Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes.


1.

Short title

This Act may be cited as the TRID Improvement Act of 2017.

2.

Amendments to mortgage disclosure requirements

Section 4(a) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603(a)) is amended—

(1)

by striking itemize all charges and inserting itemize all actual charges;

(2)

by striking and all charges imposed upon the seller in connection with the settlement and and inserting and the seller in connection with the settlement. Such forms; and

(3)

by inserting after or both. the following new sentence: Charges for any title insurance premium disclosed on such forms shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by State regulation or the title company rate filings..

January 25, 2018

Committed to the Committee of the Whole House on the State of the Union and ordered to be printed