H.R. 3296 would amend the Truth in Lending Act to establish transparency and accountability requirements for mortgage brokers.

== Detailed Summary ==

<summary>
Mortgage Broker Transparency and Accountability Act of 2007 &#150; Amends the Truth in Lending Act to establish mandatory responsibilities, duties, and disclosures governing mortgage brokers.

Deems any mortgage broker to have a statutory agency relationship with the consumer subject to all requirements under state or federal law.

Sets forth disclosure requirements, including disclosure of: (1) the risks and benefits of each home mortgage loan product; (2) possible payment increases at the time of any resetting of rate; (3) the extent of any prepayment penalties and balloon payments; and (4) the consumer's responsibilities to pay taxes and insurance with respect to such product.

Requires mortgage brokers to maintain a bond that inures, first, to the benefit of any consumer who has any claim against the mortgage broker under this Act.

Prohibits: (1) mortgage brokers from steering a consumer to a higher-cost mortgage than one for which the consumer would otherwise qualify; and (2) waiver by a consumer of the requirements imposed upon a mortgage broker under this Act.

Requires disclosure of specified affiliations on the part of persons involved in the home mortgage loan process.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 8/1/2007:1/11/2008: Referred to House committee.subcommittee. Status: Referred to the House CommitteeSubcommittee on Financial Services.Institutions and Consumer Credit.
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== Points in Favor ==

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== Points Against ==

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