3.0.0 2509 2023-01-11T13:22:46Z 2023-01-11T13:22:46Z House H HR 2011-07-13 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GARY G. MILLER of California:H.R. 2509.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3[Page H5018]]]> hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Referred to 2011-08-22T18:03:38Z Referred to 2011-07-13T14:02:35Z 2011-08-22 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Referred to the Subcommittee on Financial Institutions and Consumer Credit. Committee 2011-07-13 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2011-07-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-07-13 Introduced in House IntroReferral 1000 9 Library of Congress M001139 Rep. Miller, Gary G. [R-CA-42] GARY MILLER R CA 42 N S000344 Rep. Sherman, Brad [D-CA-27] BRAD SHERMAN D CA 27 2011-07-19 False Housing and Community Development Banking and financial institutions regulation Housing finance and home ownership Wages and earnings Housing and Community Development 00 2011-07-13 Introduced in House 2011-09-27T20:58:02Z Preserving Consumer's Mortgage Origination Choices Act of 2011 - Amends the Truth in Lending Act (TILA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to provide that no provision of TILA shall be construed as prohibiting a mortgage broker from compensating a mortgage originator based on the principal amount of the loan, when compensation is paid directly or indirectly to the mortgage broker by the consumer in connection with such transaction.

Authorizes a mortgage originator, when requested by a borrower as the originator is producing a mortgage, to forfeit or contribute toward bona fide third party expenses or origination fees up to 30% of earned compensation to avoid making a high-cost mortgage to a consumer, to make technical corrections, or for any other reason that results in a lower cost to the consumer than if such forfeiture or contribution did not take place.

]]> Preserving Consumers' Mortgage Origination Choices Act of 2011 Display Title Preserving Consumers' Mortgage Origination Choices Act of 2011 Official Title as Introduced To improve upon certain provisions of the Truth in Lending Act related to the compensation of mortgage originators, and for other purposes. Introduced in House IH Short Titles as Introduced Preserving Consumers' Mortgage Origination Choices Act of 2011 Introduced in House 2011-07-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2509ih/xml/BILLS-112hr2509ih.xml 2011-08-22 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.