To require that any home inspection conducted in connection with a purchase of residential real property that involves a federally related mortgage loan be conducted by a State-licensed or State-certified home inspector to determine the existence of structural, mechanical, and electrical safety defects, and to require inclusion in the standard settlement statement of information regarding any home inspection conducted in connection with settlement.
Home Inspection Act of 2011 - Directs the Bureau of Consumer Financial Protection (CFPB) of the Federal Reserve System to prescribe regulations to prohibit any lender from making any federally related mortgage loan under which a home inspection is conducted in connection with settlement of the mortgage loan unless the inspection is conducted by a home inspector licensed, certified, approved, or otherwise regulated by the inspector's home state or the state in which the real property is located.
Amends the Real Estate Settlement Procedures Act of 1974, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to direct the CFPB to include home inspection information in settlement forms.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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