3.0.0 3296 2023-01-11T20:38:03Z 2023-01-11T20:38:03Z House H HR 2007-08-01 110 hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Referred to 2008-01-11T16:14:21Z Referred to 2007-08-01T14:03:15Z 2008-01-11 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Referred to the Subcommittee on Financial Institutions and Consumer Credit. Committee 2007-08-01 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2007-08-01 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-08-01 Introduced in House IntroReferral 1000 9 Library of Congress M001169 Rep. Murphy, Christopher [D-CT-5] Christopher Murphy D CT S. 5 N Housing and Community Development Affiliated corporations Claims Commerce Consumer education Consumer protection Finance and Financial Sector Housing finance Mortgage banks Mortgage interest rates Property insurance Property tax Risk Surety and fidelity Taxation Housing and Community Development 00 2007-08-01 Introduced in House 2007-12-27T19:08:21Z Mortgage Broker Transparency and Accountability Act of 2007 – Amends the Truth in Lending Act to establish mandatory responsibilities, duties, and disclosures governing mortgage brokers.

Deems any mortgage broker to have a statutory agency relationship with the consumer subject to all requirements under state or federal law.

Sets forth disclosure requirements, including disclosure of: (1) the risks and benefits of each home mortgage loan product; (2) possible payment increases at the time of any resetting of rate; (3) the extent of any prepayment penalties and balloon payments; and (4) the consumer's responsibilities to pay taxes and insurance with respect to such product.

Requires mortgage brokers to maintain a bond that inures, first, to the benefit of any consumer who has any claim against the mortgage broker under this Act.

Prohibits: (1) mortgage brokers from steering a consumer to a higher-cost mortgage than one for which the consumer would otherwise qualify; and (2) waiver by a consumer of the requirements imposed upon a mortgage broker under this Act.

Requires disclosure of specified affiliations on the part of persons involved in the home mortgage loan process.

]]> Mortgage Broker Transparency and Accountability Act of 2007 Official Title as Introduced To amend the Truth in Lending Act to establish transparency and accountability requirements for mortgage brokers, and for other purposes. Introduced in House IH Display Title Mortgage Broker Transparency and Accountability Act of 2007 Short Titles as Introduced Mortgage Broker Transparency and Accountability Act of 2007 Introduced in House 2007-08-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3296ih/xml/BILLS-110hr3296ih.xml 2008-01-11 Referred to the Subcommittee on Financial Institutions and Consumer Credit. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.