Protecting Our Communities From Predatory Lending Practices Act

Protecting Our Communities From Predatory Lending Practices Act - Amends the Truth in Lending Act to prohibit: (1) unfair or deceptive practices regarding a consumer credit transaction, extension, or servicing (including any related advertisement); and (2) false, deceptive, or misleading representations in connection with a consumer credit transaction, application, solicitation, or advertisement, or any real or personal property securing such transaction.

Sets forth prohibitions relating to consumer credit transactions secured by a dwelling, including: (1) prepayment penalties; (2) creditor financing of credit insurance; (3) the practice of flipping a consumer loan or other extension of credit secured by a consumer's dwelling; (4) imposition of fees for services or products not actually provided; (5) creditor payments to home improvement contractors without consumer countersignature; (6) creditor attempts to influence an appraisal which will secure an extension of credit; (7) blank terms in a credit agreement; and (8) steering of consumers who qualify for conventional mortgages to high cost mortgages.

Places "high-cost mortgages" within the ambit of the Act's protections, including prohibitions against: (1) creditor actions to encourage consumer default; (2) creditor imposition of fees for providing pay-off balances on a high-cost mortgage; (3) creditor lending related to a high-cost mortgage in the absence of certification that the consumer has received home-ownership counseling; and (4) extensions of credit without regard to consumer's payment ability.