S. 2343 · 110th Congress
Real Estate Transparency Act of 2007
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ReedSponsorNo cosponsors.
Real Estate Transparency Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to modify requirements governing settlement statements.
What it does: CRS summary · Introduced in Senate · Nov 13, 2007
Real Estate Transparency Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to modify requirements governing settlement statements.
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.
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.
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.
Requires the originator to provide the applicant with a written early settlement statement of all settlement costs to be charged at or before settlement.
Shields borrowers from liability for any such fees not disclosed on an early settlement statement, except in certain circumstances.
Establishes originator liability to a borrower for non-compliance with this Act, including reimbursement of the borrower for court costs.
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Real Estate Transparency Act of 2007
Latest action (Nov 13, 2007): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S14299-14300)
Policy area: Housing and Community Development · Origin: Senate · Introduced: Nov 13, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.