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

== Detailed Summary ==

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

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

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

Requires mortgage brokers to maintain a detailed summarybond 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 bill!)home mortgage loan process.
</summary>

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== Status of the Legislation ==

<status>
(Log inLatest Major Action: 1/11/2008: Referred to House subcommittee. Status: Referred to edit the wikiSubcommittee on Financial Institutions and be the first to update the status of the bill!)Consumer Credit.
</status>

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== Points in Favor ==

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== Points Against ==

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