H.R. 3725 · 110th Congress
Mortgage Disclosure Simplification Act of 2007
- Stage
- In committee
- Sponsor
- Al Green
- Introduced
- 2007-10-02
- Latest action
- 2007-10-02 · Introduced in House
Summary
Mortgage Disclosure Simplification Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to instruct the Secretary of Housing and Urban Development to develop and prescribe standard written forms stating the essential terms of a federally related mortgage loan, which lenders or mortgage brokers shall provide to prospective mortgagors.
Requires such disclosures to include: (1) a statement of terms regarding a federally related mortgage loan; and (2) a statement of basic easy-to-understand definitions or explanations of such terms.