Mortgage Broker Transparency and Accountability Act of 2007

Summary

Mortgage Broker Transparency and Accountability Act of 2007 – Amends the Truth in Lending Act to establish mandatory responsibilities, duties, and disclosures governing mortgage brokers. Deems any mortgage broker to have a statutory agency relationship with the consumer subject to all requirements under state or federal law. Sets forth disclosure requirements, including disclosure of: (1) the risks and benefits of each home mortgage loan product; (2) possible payment increases at the time of any resetting of rate; (3) the extent of any prepayment penalties and balloon payments; and (4) the consumer's responsibilities to pay taxes and insurance with respect to such product. Requires mortgage brokers to maintain a bond that inures, first, to the benefit of any consumer who has any claim against the mortgage broker under this Act. Prohibits: (1) mortgage brokers from steering a consumer to a higher-cost mortgage than one for which the consumer would otherwise qualify; and (2) waiver by a consumer of the requirements imposed upon a mortgage broker under this Act. Requires disclosure of specified affiliations on the part of persons involved in the home mortgage loan process.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 1 August 2007

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• Introduced in House (PDF)

  Introduced in House · EN · 1 August 2007

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• Introduced in House

  summary · EN · 1 August 2007

  Open at official source

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