U.S. Congress - S.2296 Mortgage Disclosure Enhancement Act of 2007
S.2296 - Mortgage Disclosure Enhancement Act of 2007
A bill to provide for improved disclosures by all mortgage lenders at the loan approval and settlement stages of all mortgage loans. view all titles (2)
All Bill Titles
- Short: Mortgage Disclosure Enhancement Act of 2007 as introduced.
- Official: A bill to provide for improved disclosures by all mortgage lenders at the loan approval and settlement stages of all mortgage loans. as introduced.
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Official Summary
11/1/2007--Introduced.Mortgage Disclosure Enhancement Act of 2007 - Amends the Truth In Lending Act to require additional mortgage loan disclosures by a creditor to a consumer, including: (1) ) the percentage of the loan, as compared to the appraised value of the property; (2) the term ofOfficial Summary
11/1/2007--Introduced.Mortgage Disclosure Enhancement Act of 2007 - Amends the Truth In Lending Act to require additional mortgage loan disclosures by a creditor to a consumer, including:
(1) ) the percentage of the loan, as compared to the appraised value of the property;
(2) the term of the loan;
(3) the monthly income of the borrower, as relied upon in making the loan;
(4) the annual percentage rate of interest for loans that are fixed, and for loans that are variable;
(5) prepayment fees; and
(6) balloon payments. Amends the Real Estate Settlement Procedures Act of 1974 to conform with this Act.
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