S. 2343 would amend the Real Estate Settlement Procedures Act to require mortgage originators to make their fees more transparent.

== Detailed Summary ==

<summary>
(Log inReal Estate Transparency Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to editmodify requirements governing settlement statements.

Requires the wikioriginator of a federally related mortgage loan to provide, within three days of a loan application, a written agreement to the applicant itemizing all of the fees the originator may charge at or before loan settlement, including origination, underwriting, and broker fees. Excludes from such requirement bona fide discount points payable by the borrower to reduce the loan's interest rate.

Requires an originator fee agreement to set out the following fee payment methods: (1) paying in cash before or at settlement; (2) adding such fees into the total loan amount to be borrowed; and (3) increasing the firstloan's interest rate.

Requires: (1) written and oral explanations of a borrower's payment options; and (2) a borrower's signature attesting agreement with originator fees and with the chosen method of payment.

Requires the originator to provide the applicant with a detailed summarywritten early settlement statement of all settlement costs to be charged at or before settlement.

Shields borrowers from liability for any such fees not disclosed on an early settlement statement, except in certain circumstances.

Establishes originator liability to a borrower for non-compliance with this Act, including reimbursement of the bill!)borrower for court costs.

Repeals the requirement that special information booklets prepared by the Secretary of Housing and Urban Development (HUD) for borrowers contain a good faith estimate of the amount or range of expected settlement charges.
</summary>

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== Status of the Legislation ==

<status>
(Log inLatest Major Action: 11/13/2007: Referred to edit the wikiSenate committee. Status: Read twice and be the firstreferred to update the status of the bill!)Committee on Banking, Housing, and Urban Affairs.
</status>

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== Points in Favor ==

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== Points Against ==

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