Mortgage Broker Transparency and Accountability Act of 2007

To amend the Truth in Lending Act to establish transparency and accountability requirements for mortgage brokers, and for other purposes.

8/1/2007--Introduced.
Mortgage Broker Transparency and Accountability Act of 2007 – Amends the Truth in Lending Act to establish mandatory responsibilities, duties, and disclosures governing mortgage brokers. Deems any mortgage broker to have a statutory agency relationship with the consumer subject to all requirements under state or federal law. Sets forth disclosure requirements, including disclosure of:
(1) the risks and benefits of each home mortgage loan product;
(2) possible payment increases at the time of any resetting of rate;
(3) the extent of any prepayment penalties and balloon payments; and
(4) the consumer's responsibilities to pay taxes and insurance with respect to such product. Requires mortgage brokers to maintain a bond that inures, first, to the benefit of any consumer who has any claim against the mortgage broker under this Act. Prohibits:
(1) mortgage brokers from steering a consumer to a higher-cost mortgage than one for which the consumer would otherwise qualify; and
(2) waiver by a consumer of the requirements imposed upon a mortgage broker under this Act. Requires disclosure of specified affiliations on the part of persons involved in the home mortgage loan process.


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Sponsor

• Rep. Christopher Murphy [D, CT-5]

Committees

• House Financial Services
• 1 more
  • House Financial Services
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Amendments

This bill has no amendments.

Amendments to H.R.3296

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
August 01, 2007

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All Bill Actions

• Jan 11, 2008: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
• Aug 01, 2007: Referred to the House Committee on Financial Services.
• Introduced on Aug 01, 2007.

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Related Issue Areas:

• Taxation
• Surety and fidelity
• Risk
• Property tax
• 12 more
• Property insurance
• Mortgage interest rates
• Mortgage banks
• Housing finance
• Finance
• Consumers
• Consumer protection
• Consumer education
• Claims
• Business
• Affiliated corporations
• Housing

Data from the Congressional Research Service

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In the News

September 18, 2007 Murphy hopes bill will help solve mortgage crisis

Murphy said he has introduced legislation (HR 3296) which will regulate mortgage broker practices. The bill would amend the Truth in Lending Act by ...

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Source: New Britain Herald, CT

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Blog Coverage

May 19, 2008 mortgage broker

HR 3296: Mortgage Broker Transparency and Accountability Act of ...A bill in the US Congress: To amend the Truth in Lending Act to establish transparency and accountability requirements for mortgage brokers, and for other . ...

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Source: Articles about Loan.

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August 03, 2007 WashingtonWatch.com - H.R. 3296, The Mortgage Broker Transparency ...

US Congress: HR 3296, The Mortgage Broker Transparency and Accountability Act of 2007.

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Source: WashingtonWatch.com - Comments for HR 6562,...

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July 31, 2007 HR 3296, To amend the Truth in Lending Act to establish ...

HR 3296 would amend the Truth in Lending Act to establish transparency and accountability requirements for mortgage brokers....

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