S. 2296, The Mortgage Disclosure Enhancement Act of 2007

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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S. 2296 would provide for improved disclosures by all mortgage lenders at the loan approval and settlement stages of all mortgage loans.

Detailed Summary

Mortgage Disclosure Enhancement Act of 2007 - Amends the Truth In Lending Act to require additional mortgage loan disclosures by a creditor to a consumer, including: (1) ) the percentage of the loan, as compared to the appraised value of the property; (2) the term of the loan; (3) the monthly income of the borrower, as relied upon in making the loan; (4) the annual percentage rate of interest for loans that are fixed, and for loans that are variable; (5) prepayment fees; and (6) balloon payments.

Amends the Real Estate Settlement Procedures Act of 1974 to conform with this Act.

Status of the Legislation

Latest Major Action: 11/1/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Points in Favor

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Points Against

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