US Congress House Bill 3393 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 6-0)
Status: Introduced on July 29 2015 - 25% progression, died in committee
Action: 2015-07-29 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Mortgage Fairness Act of 2015 This bill amends the Truth in Lending Act to revise points and fees under a high-cost mortgage which currently include all compensation paid directly or indirectly by a consumer or creditor to a mortgage originator from any source, including a mortgage originator that is also the creditor in a table-funded transaction. "Table funding" means a settlement at which a loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. A table-funded transaction is not a transaction in the secondary mortgage. Compensation from any source shall not include any compensation taken into account in settling the mortgage interest rate and for which there is no separate charge to the consumer. Such compensation shall include, however, any other compensation paid directly or indirectly by a consumer or creditor to an individual employed by or contracting with the originator or a mortgage originator.

Mortgage Fairness Act of 2015

Rep. Bill Posey [R-FL]	Rep. Dennis Ross [R-FL]	Rep. Mo Brooks [R-AL]	Rep. Scott Tipton [R-CO]
Rep. Mike Coffman [R-CO]	Sen. Martha McSally [R-AZ]

Date	Chamber	Action
2015-07-29	House	Referred to the House Committee on Financial Services.
2015-07-29	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/3393/all-info
Text	https://www.congress.gov/114/bills/hr3393/BILLS-114hr3393ih.pdf