HR 3725
110th Congress
House
Housing and Community Development
Administrative procedure
Commerce
Consumer education
Debtor and creditor
Department of Housing and Urban Development
Fees
Finance and Financial Sector
Government Operations and Politics
Government paperwork
Housing finance
Law
Mortgage banks
Mortgage interest rates
Mortgages
Settlement costs
Mortgage Disclosure Simplification Act of 2007
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 2, 2007
Referred to the House Committee on Financial Services.
Oct 2, 2007
Introduced in House
Plain-English summary
Mortgage Disclosure Simplification Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to instruct the Secretary of Housing and Urban Development to develop and prescribe standard written forms stating the essential terms of a federally related mortgage loan, which lenders or mortgage brokers shall provide to prospective mortgagors.
Requires such disclosures to include: (1) a statement of terms regarding a federally related mortgage loan; and (2) a statement of basic easy-to-understand definitions or explanations of such terms.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1