H.R.3725 - Mortgage Disclosure Simplification Act of 2007

To amend the Real Estate Settlement Procedures Act of 1974 to require the submission to each borrower under a federally related mortgage loan of a one-page description of the essential terms of the loan. view all titles (2)

All Bill Titles

  • Official: To amend the Real Estate Settlement Procedures Act of 1974 to require the submission to each borrower under a federally related mortgage loan of a one-page description of the essential terms of the loan. as introduced.
  • Short: Mortgage Disclosure Simplification Act of 2007 as introduced.

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Introduced
 
House
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Senate
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President
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10/02/07
 
 
 
 
 
 
 

Official Summary

Mortgage Disclosure Simplification Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to instruct the Secretary of Housing and Urban Development to develop and prescribe standard written forms stating the essential terms of a federally related mortgage loan, which lender

Official Summary

Mortgage Disclosure Simplification Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to instruct the Secretary of Housing and Urban Development to develop and prescribe standard written forms stating the essential terms of a federally related mortgage loan, which lenders or mortgage brokers shall provide to prospective mortgagors. Requires such disclosures to include:
(1) a statement of terms regarding a federally related mortgage loan; and
(2) a statement of basic easy-to-understand definitions or explanations of such terms.

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