h 4 45668 1185940800 false 1200027600 1 3296 578 110 412194

8/1/2007--Introduced.<br/>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.<br/>

1200027600 2008-01-11 Fri Nov 07 00:46:51 -0600 2008 introduced 45668 'act':7 'lend':6 'amend':2 'truth':4 'broker':16 'purpos':20 'requir':13 'account':12 'mortgag':15 'transpar':10 'establish':9 49111 official introduced 45668 'act':6 '2007':8 'broker':2 'account':5 'mortgag':1 'transpar':3 51723 short action 45668 1200027600 Fri Jan 11 00:00:00 -0600 2008 142781 Referred to the Subcommittee on Financial Institutions and Consumer Credit. M001169 1973-08-03 1828 501 Cannon House Office Building http://www.house.gov/formchrismurphy/ic_zip_auth.htm 5 202-225-5933 Christopher 'd':4 '-5':6 'ct':5 'rep':1 'murphi':3,8,10 'christoph':2,7,9 M 412194 Murphy Chris_Murphy S. Rep. Christopher Murphy [D, CT-5] 761 N00027566 6526 Democrat 202-225-4476 CT Chris Christopher Murphy 2.0 http://www.senatedems.state.ct.us/murphy.html action 45668 1200027600 Fri Jan 11 00:00:00 -0600 2008 142781 Referred to the Subcommittee on Financial Institutions and Consumer Credit. action 45668 1185940800 Wed Aug 01 00:00:00 -0500 2007 126497 Referred to the House Committee on Financial Services. introduced 45668 1185940800 Wed Aug 01 00:00:00 -0500 2007 126496