3.0.0 1577 2023-01-11T13:23:53Z 2023-01-11T13:23:53Z Senate S S 2013-10-28 113 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Hearings by 2014-09-16T14:00:00Z Referred to 2013-10-28T19:31:36Z Consumer Mortgage Choice Act 113 1077 HR 2013-03-12 Referred to the House Committee on Financial Services. Related bill CRS Protecting American Taxpayers and Homeowners Act of 2013 113 2767 HR 2013-07-24 Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 27. Related bill CRS To clarify the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, to improve upon the definitions provided for points and fees in connection with a mortgage transaction, and for other purposes. 113 5461 HR 2014-09-17 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Consumer Mortgage Choice Act 113 949 S 2013-05-14 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Mortgage Choice Act of 2013 113 3211 HR 2014-06-10 Received in the Senate. Identical bill CRS 2014-09-16 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Committee 2013-10-28 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2013-10-28 Introduced in Senate IntroReferral 10000 9 Library of Congress M001183 Sen. Manchin, Joe, III [D-WV] Joseph Manchin D WV N J000291 Sen. Johanns, Mike [R-NE] Mike Johanns R NE 2013-10-28 True L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2013-10-28 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2013-10-28 True T000461 Sen. Toomey, Patrick [R-PA] Patrick Toomey R PA J. 2013-10-28 True K000360 Sen. Kirk, Mark Steven [R-IL] MARK KIRK R IL STEVEN 2013-10-28 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2013-11-18 False P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2014-01-06 False K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2014-05-21 False Housing and Community Development Administrative law and regulatory procedures Consumer Financial Protection Bureau Housing finance and home ownership User charges and fees Housing and Community Development 00 2013-10-28 Introduced in Senate 2013-11-14T20:45:22Z Mortgage Choice Act of 2013 - Amends the Truth in Lending Act with respect to requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is not a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% percent of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.)

Excludes from the computation of such points and fees any escrow for future payment of insurance.

Modifies the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in extensions of credit secured by an interest in real property. Excludes from points and fees any such reasonable charges even though a creditor receives compensation, but only in so far as the creditor or its affiliate retains the compensation as a result of their participation in an affiliated business arrangement.

(An "affiliated business arrangement" is one in which: (1) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1% in a provider of settlement services; and (2) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the provider's selection.)

Revises the additional requirement that such a reasonable charge be paid to a third party unaffiliated with the creditor. Requires the charge to be: (1) a bona fide third party charge not retained by the mortgage originator, creditor, or an affiliate; or (2) a fee or premium for title examination, title insurance, or similar purposes.

Modifies the conditions under which federal departments and agencies may exempt refinancings under a streamlined refinancing from an income verification requirement that, at the time a refinancing is consummated, the consumer has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments. Repeals the exception for bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate from the requirement that total points and fees not exceed 3% of the total new loan amount. (Thus subjects such charges to the same 3% ceiling.)

]]> Mortgage Choice Act of 2013 Display Title Mortgage Choice Act of 2013 Official Title as Introduced A bill to amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction. Introduced in Senate IS Short Titles as Introduced Mortgage Choice Act of 2013 Introduced in Senate 2013-10-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s1577is/xml/BILLS-113s1577is.xml 2014-09-16 Committee on Banking, Housing, and Urban Affairs. Hearings held. 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.