H.R. 4163 · 112th Congress
Preserving Consumers' Mortgage Origination Choices Act of 2012
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
MillerSponsor2 cosponsors · 2 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Preserving Consumer's Mortgage Origination Choices Act of 2012 - Amends the Truth in Lending Act with respect to the prohibitions against: (1) steering incentives in connection with residential mortgage loan origination; and (2) the restructuring of a financing origination fee, except in certain circumstances.
What it does: CRS summary · Introduced in House · Mar 7, 2012
Preserving Consumer's Mortgage Origination Choices Act of 2012 - Amends the Truth in Lending Act with respect to the prohibitions against: (1) steering incentives in connection with residential mortgage loan origination; and (2) the restructuring of a financing origination fee, except in certain circumstances.
Declares that nothing in such prohibitions shall be construed as prohibiting a mortgage originator who receives compensation directly from a consumer from compensating another mortgage originator employee, mortgage originator agent, or mortgage originator contractor based on the principal amount of the loan, provided that the amount of compensation received by such employee, agent, or contractor may not vary based on any other terms of the loan.
Allows a mortgage originator, at the consumer's request, to reduce the amount of compensation the originator is receiving to offset permitted settlement charges (other than those the originator controls) that exceed the amounts previously disclosed on the good faith estimate of the settlement charges given to that consumer, provided that the originator's compensation may not increase.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Preserving Consumers' Mortgage Origination Choices Act of 2012
Latest action (Apr 26, 2012): Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Policy area: Housing and Community Development · Origin: House · Introduced: Mar 7, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.