3.0.0 2343 2023-01-11T14:50:57Z 2023-01-11T14:50:57Z Senate S S 2007-11-13 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-11-13T20:36:49Z 2007-11-13 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S14299-14300) IntroReferral 2007-11-13 Sponsor introductory remarks on measure. (CR S14298-14299) IntroReferral B00100 9 Library of Congress 2007-11-13 Introduced in Senate IntroReferral 10000 9 Library of Congress R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. N Housing and Community Development Finance and Financial Sector Government Operations and Politics Government publications Law Liability (Law) Mortgage interest rates Mortgages Settlement costs Housing and Community Development 00 2007-11-13 Introduced in Senate 2008-03-12T20:10:05Z Real Estate Transparency Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to modify requirements governing settlement statements.

Requires the originator of a federally related mortgage loan to provide, within three days of a loan application, a written agreement to the applicant itemizing all of the fees the originator may charge at or before loan settlement, including origination, underwriting, and broker fees. Excludes from such requirement bona fide discount points payable by the borrower to reduce the loan's interest rate.

Requires an originator fee agreement to set out the following fee payment methods: (1) paying in cash before or at settlement; (2) adding such fees into the total loan amount to be borrowed; and (3) increasing the loan's interest rate.

Requires: (1) written and oral explanations of a borrower's payment options; and (2) a borrower's signature attesting agreement with originator fees and with the chosen method of payment.

Requires the originator to provide the applicant with a written early settlement statement of all settlement costs to be charged at or before settlement.

Shields borrowers from liability for any such fees not disclosed on an early settlement statement, except in certain circumstances.

Establishes originator liability to a borrower for non-compliance with this Act, including reimbursement of the borrower for court costs.

Repeals the requirement that special information booklets prepared by the Secretary of Housing and Urban Development (HUD) for borrowers contain a good faith estimate of the amount or range of expected settlement charges.

]]> Real Estate Transparency Act of 2007 Display Title Real Estate Transparency Act of 2007 Official Title as Introduced A bill to amend the Real Estate Settlement Procedures Act to require mortgage originators to make their fees more transparent. Introduced in Senate IS Short Titles as Introduced Real Estate Transparency Act of 2007 Introduced in Senate 2007-11-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2343is/xml/BILLS-110s2343is.xml 2007-11-13 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S14299-14300) 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.