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.
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.)
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 34 - 22.
Reported by the Committee on Financial Services. H. Rept. 115-1024.
Reported by the Committee on Financial Services. H. Rept. 115-1024.
Placed on the Union Calendar, Calendar No. 801.
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