H.R. 2570 · 115th Congress
Mortgage Fairness Act of 2017
- Stage
- Reported from committee
- Sponsor
- Bill Posey
- Introduced
- 2017-05-19
- Latest action
- 2018-11-14 · Reported by the Committee on Financial Services. H. Rept. 115-1024.
Summary
Mortgage Fairness Act of 2017
This bill amends the Truth in Lending Act to revise the definition of "points and fees," for purposes of determining whether a mortgage is a "high-cost mortgage," to: (1) exclude compensation taken into account in setting the interest rate and for which the consumer was not separately charged, and (2) include compensation paid by a consumer or creditor to an individual employed by or contracting with a mortgage originator. (A high-cost mortgage designation restricts the terms of a loan and requires a lender to make certain disclosures to the borrower.)