A bill to provide for greater disclosure of the nature and costs of real estate settlement services, to eliminate the payment of kickbacks and unearned fees in connection with settlement services provided in federally related mortgage transactions.

Summary

Directs the Secretary of Housing and Urban Development, in consultation with other specified authorities, to prescribe a form for the statement of settlement costs to be used as the standard real estate settlement form in all transactions which involve federally related mortgage loans. Sets forth specific requirements to be met by such standard form. Provides that the Secretary shall prepare booklets to help persons borrowing money to finance the purchase of residential real estate to better understand settlement services. Enumerates the items to be included in such booklet, including an explanation of the unfair settlement practices and unnecessary charges to be avoided by the prospective buyer. Requires any lender agreeing to make a federally related mortgage loan to provide to the prospective buyer, and to any Federal Government agency insuring such loan, an itemized disclosure of all charges arising in connection with settlement. Penalizes any lender failing to provide such disclosures. Prohibits persons from giving or accepting any kickbacks, percentages and unearned fees incident to real estate settlement services. Sets forth penalties for violation of this provision.

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1 official file

• Introduced in Senate

  summary · EN · 23 July 1973

  Open at official source

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