Mortgage Choice Act of 2013

openUnited States· United States Congress· EN

Introduced

28 September 2013

Last action

10 June 2014 · Introduced

Status

Received in the Senate.

Summary

Mortgage Choice Act of 2013 - Amends the Truth in Lending Act with respect to requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is not a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.) Excludes from the computation of such points and fees any escrow for future payment of insurance. Modifies the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in extensions of credit secured by an interest in real property. Excludes from points and fees any such reasonable charges even though a creditor receives compensation, but only in so far as the creditor or its affiliate retains the compensation as a result of their participation in an affiliated business arrangement. (An "affiliated business arrangement" is one in which: (1) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1% in a provider of settlement services; and (2) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the provider's selection.) Revises the additional requirement that such a reasonable charge be paid to a third party unaffiliated with the creditor. Requires the charge to be: (1) a bona fide third party charge not retained by the mortgage originator, creditor, or an affiliate; or (2) a fee or premium for title examination, title insurance, or similar purposes. Modifies the conditions under which federal departments and agencies may exempt refinancings under a streamlined refinancing from an income verification requirement that, at the time a refinancing is consummated, the consumer has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments. Repeals the exception for bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate from the requirement that total points and fees not exceed 3% of the total new loan amount. (Thus subjects such charges to the same 3% ceiling.)

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

28 September 2013
Introduced
Referred to the House Committee on Financial Services.
Source: IntroReferral
28 September 2013
Introduced
Introduced in House
Source: IntroReferral
28 September 2013
Introduced
Introduced in House
Source: IntroReferral
7 May 2014
Reported
Ordered to be Reported by Voice Vote.
Source: Committee
7 May 2014
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
9 June 2014
Floor
DEBATE - The House proceeded with forty minutes of debate on H.R. 3211.
Source: Floor
9 June 2014
Passed
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H5137)
Source: Floor
9 June 2014
Passed
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H5137)
Source: Floor
9 June 2014
Floor
Considered under suspension of the rules. (consideration: CR H5137-5138)
Source: Floor
9 June 2014
Floor
Mr. Huizenga (MI) moved to suspend the rules and pass the bill.
Source: Floor
10 June 2014
Introduced
Received in the Senate.
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Received in Senate · 10 June 2014 · Download file
Engrossed in House · 9 June 2014 · Download file
Introduced in House · 28 September 2013 · Download file

Documents

8 official files

Received in Senate (text)

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Received in Senate (text)
Received in Senate · EN · 10 June 2014
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Received in Senate (PDF)
Received in Senate · EN · 10 June 2014
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Engrossed in House (text)
Engrossed in House · EN · 9 June 2014
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Engrossed in House (PDF)
Engrossed in House · EN · 9 June 2014
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Passed House without amendment
summary · EN · 9 June 2014
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Introduced in House (text)
Introduced in House · EN · 28 September 2013
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Introduced in House (PDF)
Introduced in House · EN · 28 September 2013
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Introduced in House
summary · EN · 28 September 2013
Open at official source
Leesvertaling
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Related records

related to → Consumer Mortgage Choice Act
related to → Protecting American Taxpayers and Homeowners Act of 2013
related to ← To clarify the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, to improve upon the definitions provided for points and fees in connection with a mortgage transaction, and for other purposes.
related to ← Consumer Mortgage Choice Act
related to ← Mortgage Choice Act of 2013

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/113th-congress/house-bill/3211
Open data entity: https://api.congress.gov/v3/bill/113/hr/3211
us · 113-hr-3211 · source updated 5 December 2025