H.R.4229 - Borrowers' Right to Inspect Closing Documents Act of 2009

To amend the Real Estate Settlement Procedures Act of 1974 to ensure that borrowers under federally related mortgage loans have an opportunity to inspect closing documents. view all titles (2)

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  • Official: To amend the Real Estate Settlement Procedures Act of 1974 to ensure that borrowers under federally related mortgage loans have an opportunity to inspect closing documents. as introduced.
  • Short: Borrowers' Right to Inspect Closing Documents Act of 2009 as introduced.

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  • Today: 5
  • Past Seven Days: 17
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Introduced
 
House
Passes
 
Senate
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President
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12/07/09
 
 
 
 
 
 
 

Official Bill Text Comment on about 4 Pages

Official Summary

12/8/2009--Introduced.Borrowers' Right to Inspect Closing Documents Act of 2009 - Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to revise procedures governing the furnishing of closing documents to borrowers. Requires the lender to furnish to the settlement agent, a
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Official Summary

12/8/2009--Introduced.Borrowers' Right to Inspect Closing Documents Act of 2009 - Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to revise procedures governing the furnishing of closing documents to borrowers. Requires the lender to furnish to the settlement agent, at least four business days before the scheduled date of a real estate settlement, the completed promissory note, the mortgage instrument, and all other items needed to complete the uniform settlement statement, the final Truth-in-Lending Act disclosure, and the final closing instructions. Requires the settlement agent to furnish the borrower, at least three business days before the scheduled settlement date, with the completed documents and the completed uniform settlement statement, as long as the lender has timely provided the agent with those items. Shields the settlement agent from liability for the lender's noncompliance with this Act. Cites circumstances under which the settlement agent may correct the uniform settlement statement and related documents prior to the scheduled settlement date. Authorizes the Secretary of Housing and Urban Development to exempt settlements from the requirements of this Act in certain circumstances.

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Recent Blog Coverage

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09/19/10
Update on Emergency Contraception Bill in House | 14Kate Lifestyle ...

The bill number for the proposed legislation to either get the FDA to act on OTC status for Plan B, or, failing that, to go ahead and make it available over the counter, is HR 4229. You can read the official full text of the bill, ...

Source: 14Kate Lifestyle | Luxury Lifestyle Blog
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09/08/10
eMortgage/eClosings in Today's Market; A renewed interest

With the expectation of the passage of HR 4229 Bill; ( Borrowers Right to inspect Closing Documents Act of 2009) This bill would make it the responsibility of the Lender to provide the closing package to the title agent no less than 4 ...

Source: Title Insurance
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09/08/10
eMortgage/eClosings in Today's Market; A renewed interest « Elite ...

With the expectation of the passage of H.R. 4229 Bill; ( Borrowers Right to inspect Closing Documents Act of 2009) This bill would make it the responsibility of the Lender to provide the closing package to the title agent no less than 4 ...

Source: Elite Title Talk
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