http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_SN_2343.html?rev=20483 <p>S. 2343 would amend the Real Estate Settlement Procedures Act to require mortgage originators to make their fees more transparent.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Real Estate Transparency Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to modify requirements governing settlement statements.</p> <p>Requires the originator 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.</p> <p>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 loan's interest rate.</p> <p>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.</p> <p>Requires the originator to provide the applicant with a written early settlement statement of all settlement costs to be charged at or before settlement.</p> <p>Shields borrowers from liability for any such fees not disclosed on an early settlement statement, except in certain circumstances.</p> <p>Establishes originator liability to a borrower for non-compliance with this Act, including reimbursement of the borrower for court costs.</p> <p>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.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 11/13/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 20483@http://www.washingtonwatch.com Fri, 14 Mar 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_2343.html?rev=13856 <p>S. 2343 would amend the Real Estate Settlement Procedures Act to require mortgage originators to make their fees more transparent.</p> <h2 id="toc4"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 13856@http://www.washingtonwatch.com Wed, 14 Nov 2007 00:00:00 EST http://www.washingtonwatch.com/bills/history/110_SN_2343.html?rev=13857 <p>S. 2343 would amend the Real Estate Settlement Procedures Act to require mortgage originators to make their fees more transparent.</p> <h2 id="toc8"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 11/13/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 13857@http://www.washingtonwatch.com Wed, 14 Nov 2007 00:00:00 EST http://www.washingtonwatch.com/bills/show/110_SN_2343.html 11/13/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 30890@http://www.washingtonwatch.com Tue, 13 Nov 2007 00:00:00 EST