s 35 43485 1178164800 false 1178164800 1 1299 401 110 300087

5/3/2007--Introduced.<br/>Borrower's Protection Act of 2007 - Amends the Truth in Lending Act to deem a mortgage broker, in the case of a home mortgage loan, to have a fiduciary relationship with the consumer. Subjects each such mortgage broker to all federal and state requirements for fiduciaries. Requires each mortgage originator, in addition to the duties imposed by federal and state requirements, to act with respect to each home mortgage loan: (1) with reasonable skill, care, and diligence; and (2) in good faith and with fair dealing in any transaction, practice, or with associated course of business. Requires a mortgage originator, before entering into or otherwise facilitating a home mortgage loan, to verify the borrower's reasonable ability to pay the principal and interest, real estate taxes, and homeowners insurance fees and premiums. Prescribes a formula for determining ability to pay variable mortgage rates. Makes the lender liable for acts, omissions, and representations of a mortgage broker in connection with any rate spread mortgage loan the broker sells or delivers to the lender. Prohibits a mortgage originator from steering a consumer to home mortgage loan rates, charges, principal amount, or prepayment terms not reasonably advantageous to the consumer. Prescribes mortgage originator duties to consumers. Prohibits specified mortgage originator conduct, especially entering into a home mortgage loan when the originator has reason to believe that the appraiser of the property securing the loan failed to act in good faith and fair dealing in its appraisal. Prohibits a mortgage originator from: (1) seeking to influence an appraiser or otherwise to encourage a targeted value; or (2) selecting an appraiser on the expectation that the appraiser would provide a targeted value. Requires the mortgage originator to provide a copy of the appraisal report to a home mortgage loan applicant, whether credit is granted, denied, or the application was withdrawn.<br/>

1178164800 2007-05-03 Fri Nov 07 15:00:22 -0600 2008 introduced 43485 'act':4 '2007':6 'borrow':1 'protect':3 50230 short introduced 43485 'abil':31 'bill':2 'care':16 'duti':11 'repay':33 'assess':27 'behalf':6 'broker':19 'consum':8,29 'origin':21 'purpos':37 'mortgag':18 'standard':14,25 'establish':4,24 'fiduciari':10 46310 official introduced 43485 1178164800 Thu May 03 00:00:00 -0500 2007 111043 S000148 1950-11-23 15072 313 Hart Senate Office Building http://schumer.senate.gov/new_website/contact.cfm 202-228-3027 Charles 'd':4 'ny':5 'sen':1 'charl':2,6,8 'schumer':3,7,9 M 300087 Schumer Charles_Schumer E. Sen. Charles Schumer [D, NY] 7817 N00001093 20812 Democrat 202-224-6542 Jewish NY Chuck Charles Schumer 2.2 http://schumer.senate.gov/ senatorschumer B000711 1940-11-11 14918 112 Hart Senate Office Building http://boxer.senate.gov/contact/email/policy.cfm 202-224-0454 Barbara 'd':4 'ca':5 'sen':1 'boxer':3,7,9 'barbara':2,6,8 F 300011 Boxer Barbara_Boxer Sen. Barbara Boxer [D, CA] 7297 N00006692 29333 Democrat 202-224-3553 Jewish CA Barbara Boxer 2.43983402489627 http://boxer.senate.gov SenatorBoxer B000944 1952-11-09 7966 713 Hart Senate Office Building http://brown.senate.gov/contact/ 202-228-6321 Sherrod 'd':4 'oh':5 'sen':1 'brown':3,7,9 'sherrod':2,6,8 M 400050 Brown Sherrod_Brown Sen. Sherrod Brown [D, OH] 5142 N00003535 13666 Democrat 202-224-2315 Lutheran OH Sherrod Brown 3.55072463768116 http://brown.senate.gov/ SherrodBrownOhio C001070 4950 393 Russell Senate Office Building http://casey.senate.gov/contact/ 202-228-0604 Robert 'd':4 'pa':5 'sen':1 'casey':3,7,9 'robert':2,6,8 M 412246 Casey Robert_P._Casey,_Jr. P. Sen. Robert Casey [D, PA] 2366 N00027503 11943 Democrat 202-224-6324 PA Bob Robert Casey 2.88888888888889 http://casey.senate.gov/ K000367 1960-05-25 6748 302 Hart Senate Office Building http://klobuchar.senate.gov/emailamy.cfm 202-228-2186 Amy 'd':4 'mn':5 'ami':2,6,8 'sen':1 'klobuchar':3,7,9 F 412242 Klobuchar Amy_Klobuchar Sen. Amy Klobuchar [D, MN] 4157 N00027500 11476 Democrat 202-224-3244 MN Amy Klobuchar 3.26666666666667 http://klobuchar.senate.gov/ L000304 1942-02-24 9463 706 Hart Senate Office Building http://lieberman.senate.gov/contact/ 202-224-9750 Joseph 'ct':5 'sen':1 'joseph':2,6,8 'lieberman':3,7,9 M 300067 Lieberman Joseph_Lieberman I. Sen. Joseph Lieberman [I, CT] 4029 N00000616 13165 Independent 202-224-4041 Jewish CT Joseph Lieberman 3.31460674157303 http://lieberman.senate.gov/ M000702 1936-07-20 5534 503 Hart Senate Office Building http://mikulski.senate.gov/Contact/contact.cfm 202-224-8858 Barbara 'd':4 'md':5 'sen':1 'barbara':2,6,8 'mikulski':3,7,9 F 300073 Mikulski Barbara_Mikulski A. Sen. Barbara Mikulski [D, MD] 2637 N00001945 9936 Democrat 202-224-4654 Roman Catholic MD Barbara Mikulski 2.66666666666667 http://mikulski.senate.gov/ introduced 43485 1178164800 Thu May 03 00:00:00 -0500 2007 111043 action 43485 1178164800 Thu May 03 00:00:00 -0500 2007 111044 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.