Detailed Summary

Mortgage Disclosure Improvement Act of 2007 - Amends the Truth in Lending Act to require a creditor to disclose to a consumer with respect to an extension of credit secured by the consumer's dwelling that the consumer is not required to complete the credit agreement merely because the consumer has received required disclosures or signed a loan application.

Requires such disclosure to be furnished to the borrower not later than seven business days before the consummation of the transaction, as well as at the time of consummation.

Requires additional disclosures in such a circumstance regarding any variable rates or payment schedules.

Increases the civil monetary penalty for noncompliance with this Act from $200-$2,000 to $5,000, adjusted annually for inflation.

Status of the Legislation

Latest Major Action: 1/11/2008: Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Points in Favor

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Points Against

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