Expanding Housing Opportunities Through Education and Counseling Act

To amend the Truth in Lending Act to provide for the establishment of fair mortgage practices, generally, and for subprime mortgages in particular, to provide for a national system for licensing or registering residential mortgage loan originators, and for other purposes.

7/12/2007--Introduced.
Fair Mortgage Practices Act of 2007 - Prohibits any person, with certain exceptions, from engaging in the business of loan origination without first obtaining and maintaining a registration or a state license as a loan originator. Imposes on the federal banking agencies the sole responsibility for developing a system of registration for loan originators. Directs the Secretary of Housing and Urban Development (HUD) to establish a system for:
(1) licensed loan originators; and
(2) state-licensed mortgage originators. Amends the Truth in Lending Act to set forth:
(1) disclosure requirements for consumer credit plans secured by the consumer's principal dwelling; and
(2) consumer counseling requirements governing nontraditional mortgages. Expanding Housing Opportunities Through Education and Counseling Act - Amends the Department of Housing and Urban Development Act to:
(1) establish the Office of Housing Counseling; and
(2) direct the HUD Secretary to establish and monitor counseling procedures for home ownership counseling and rental housing counseling provided in connection with any HUD program. Amends the Housing and Urban Development Act of 1968 to instruct HUD to makes grants to states, local governmental entities, and nonprofit organizations providing home ownership or rental counseling that is HUD-certified. Directs the HUD Secretary to study and report to Congress on the root causes of default and foreclosure on home loans. Amends the Real Estate Settlement Procedures Act of 1974 to revise requirements for HUD consumer education booklets on the nature and costs of real estate settlement services. Amends the Truth in Lending Act to:
(1) require a creditor to establish, in connection with a subprime mortgage transaction, an escrow or impound account for payment of taxes and hazard insurance;
(2) require a disclosure notice for consumers who opt out of escrow services; and
(3) limit prepayment penalties for certain introductory adjustable rate mortgages (ARMs). Authorizes appropriations to the Attorney General for mortgage fraud prevention, investigation, and prosecution efforts. Sets forth property appraisal requirements governing the sale of subprime mortgages. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to revise requirements for the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, and prescribe requirements regarding appraiser independence and approved appraiser education. Directs the Comptroller General to study and report to specified congressional committees on possible improvements in the appraisal process. Amends the Community Reinvestment Act of 1977 to permit a federal financial supervisory agency, in its examination of a regulated financial institution, to take into account certain counseling and transition programs of the institution for subprime borrowers.


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Sponsor

• Rep. Spencer Bachus [R, AL-6]
• and 15 Co-Sponsors
  • Rep. Judy Biggert [R, IL-13]
  • Rep. Virginia Brown-Waite [R, FL-5]
  • Rep. Vern Buchanan [R, FL-13]
  • Rep. Shelley Capito [R, WV-2]
  • Rep. Vernon Ehlers [R, MI-3]
  • Rep. Jim Gerlach [R, PA-6]
  • Rep. Paul Gillmor [R, OH-5]
  • Rep. Walter Jones [R, NC-3]
  • Rep. Steven LaTourette [R, OH-14]
  • Rep. Frank Lucas [R, OK-3]
  • Rep. Donald Manzullo [R, IL-16]
  • Rep. Gary Miller [R, CA-42]
  • Rep. Deborah Pryce [R, OH-15]
  • Rep. Ralph Regula [R, OH-16]
  • Rep. Frederick Upton [R, MI-6]
  close

Committees

• House Financial Services
• 1 more
  • House Judiciary
  close

Amendments

This bill has no amendments.

Amendments to H.R.3012

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
July 12, 2007

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All Bill Actions

• Jul 12, 2007: Referred to House Judiciary
• Jul 12, 2007: Referred to House Financial Services
• Jul 12, 2007: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Introduced on Jul 12, 2007.

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Related Issue Areas:

• Taxation
• Social services
• Settlement costs
• Rental housing
• 41 more
• Real estate appraisal
• Prosecution
• Property tax
• Property insurance
• Nonprofit organizations
• National Credit Union Administration
• Mortgages
• Mortgage banks
• Loan defaults
• Licenses
• Law
• Insurance premiums
• Housing finance
• Home ownership
• Governmental investigations
• Government corporations
• Fraud
• Foreclosure
• Finance
• Federal reserve system
• Federal aid to housing
• Federal Deposit Insurance Corporation
• Executive reorganization
• Executive departments
• Department of the Treasury
• Department of Housing and Urban Development
• Debtor and creditor
• Criminal justice
• Criminal investigation
• Counseling
• Consumers
• Consumer protection
• Consumer education
• Consumer credit
• Congressional reporting requirements
• Congressional investigations
• Budgets
• Bank examination
• Bank accounts
• Administrative procedure
• Housing

Data from the Congressional Research Service

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In the News

July 17, 2007 Subprime Lending Reform Legislation Introduced

The bill, known as the Fair Mortgage Practices Act (HR 3012), would: "Both protecting borrowers and preserving access to credit are critically important if ...

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Source: Builder Magazine, DC

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Blog Coverage

June 11, 2008 Education Counsiling

OpenCongress - HR3012 Expanding Housing Opportunities Through ... (2) consumer counseling requirements governing nontraditional mortgages. Expanding Housing Opportunities Through Education and Counseling Act - Amends the . ...

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Source: Education World

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February 06, 2008 Federal Licensing Bill Proposed

Mel Martinez (R-Fla) announced today their introduction of the Secure and Fair Enforcement in Mortgage Licensing Act. The bill is also dubbed the SAFE Mortgage Licensing Act. The proposed legislation is similar to HR 3012 already ...

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Source: Mortgage Forums for Mortgage Brokers

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August 11, 2007 Come On Lenders Use Local Appraisers - Solve the Problem

The "Fair Mortgages Practices Act, " HR 3012 , would give authority of the federal Appraisal Subcommittee to issue binding regulations on states and require states to license appraisers based on specified qualification criteria. ...

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Source: Paul's Blog

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