HB 2570 Mortgage Fairness Act of 2017
US Congress 115th Congress
Mortgage Fairness Act of 2017
HB-2570
About HB-2570
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.)
Bill Texts
Introduced 11/15/2018
Introduced 05/31/2017
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