[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3393 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 3393

 To amend the Truth in Lending Act to clarify that the points and fees 
in connection with a mortgage loan do not include certain compensation 
amounts already taken into account in setting the interest rate on such 
                     loan, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 29, 2015

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Truth in Lending Act to clarify that the points and fees 
in connection with a mortgage loan do not include certain compensation 
amounts already taken into account in setting the interest rate on such 
                     loan, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Mortgage Fairness Act of 2015''.

SEC. 2. POINTS AND FEES.

    Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is 
amended--
            (1) by redesignating subsection (aa) (relating to 
        disclosure of the greater amount or percentage) as subsection 
        (bb);
            (2) by redesignating subsection (bb) (relating to high cost 
        mortgages) as subsection (aa), and moving such subsection to 
        immediately follow subsection (z); and
            (3) in paragraph (4) of subsection (aa), as so 
        redesignated, by amending subparagraph (B) to read as follows:
                    ``(B) all compensation from any source (other than 
                compensation taken into account in setting the interest 
                rate and for which there is no separate charge to the 
                consumer) paid directly or indirectly by a consumer or 
                creditor to--
                            ``(i) a mortgage originator, including a 
                        mortgage originator that is also the creditor 
                        in a table-funded transaction; or
                            ``(ii) an individual employed by or 
                        contracting with the originator or a mortgage 
                        originator;''.
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