Real Estate Transparency Act of 2007

A bill to amend the Real Estate Settlement Procedures Act to require mortgage originators to make their fees more transparent.

11/13/2007--Introduced.
Real Estate Transparency Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to modify requirements governing settlement statements. Requires the originator of a federally related mortgage loan to provide, within three days of a loan application, a written agreement to the applicant itemizing all of the fees the originator may charge at or before loan settlement, including origination, underwriting, and broker fees. Excludes from such requirement bona fide discount points payable by the borrower to reduce the loan's interest rate. Requires an originator fee agreement to set out the following fee payment methods:
(1) paying in cash before or at settlement;
(2) adding such fees into the total loan amount to be borrowed; and
(3) increasing the loan's interest rate. Requires:
(1) written and oral explanations of a borrower's payment options; and
(2) a borrower's signature attesting agreement with originator fees and with the chosen method of payment. Requires the originator to provide the applicant with a written early settlement statement of all settlement costs to be charged at or before settlement. Shields borrowers from liability for any such fees not disclosed on an early settlement statement, except in certain circumstances. Establishes originator liability to a borrower for non-compliance with this Act, including reimbursement of the borrower for court costs. Repeals the requirement that special information booklets prepared by the Secretary of Housing and Urban Development (HUD) for borrowers contain a good faith estimate of the amount or range of expected settlement charges.

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Sponsor

• Sen. John Reed [D, RI]

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.2343

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
November 13, 2007

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All Bill Actions

• Nov 13, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Nov 13, 2007: Sponsor introductory remarks on measure. (CR S14298-14299)
• Introduced on Nov 13, 2007.

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Related Issue Areas:

• Settlement costs
• Mortgages
• Mortgage interest rates
• Liability (Law)
• 5 more
• Law
• Government publications
• Government information
• Finance
• Housing

Data from the Congressional Research Service

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November 12, 2007 Bill Action: Introduced: S. 2343: A bill to amend the Real Estate ...

Sen. John Reed [D-RI] introduced S. 2343: A bill to amend the Real Estate Settlement Procedures Act to require mortgage originators to make their fees more transparent. [This event matched these trackers: Active Legislation ]

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November 12, 2007 S. 2343, A bill to amend the Real Estate Settlement Procedures Act ...

S. 2343 would amend the Real Estate Settlement Procedures Act to require mortgage originators to make their fees more transparent.... Vote on This Bill: For | Against.

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November 12, 2007 Bill Introduced: S.2343 A bill to amend the Real Estate Settlement ...

A bill to amend the Real Estate Settlement Procedures Act to require mortgage originators to make their fees more transparent.

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