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HR 2509 112th Congress House Housing and Community Development Banking and financial institutions regulation Housing finance and home ownership Wages and earnings

Preserving Consumers' Mortgage Origination Choices Act of 2011

Introduced: July 13, 2011 See on congress.gov
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 22, 2011
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Jul 13, 2011
Referred to the House Committee on Financial Services.
Jul 13, 2011
Introduced in House
 Plain-English summary Congressional Research Service

Preserving Consumer's Mortgage Origination Choices Act of 2011 - Amends the Truth in Lending Act (TILA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to provide that no provision of TILA shall be construed as prohibiting a mortgage broker from compensating a mortgage originator based on the principal amount of the loan, when compensation is paid directly or indirectly to the mortgage broker by the consumer in connection with such transaction.

Authorizes a mortgage originator, when requested by a borrower as the originator is producing a mortgage, to forfeit or contribute toward bona fide third party expenses or origination fees up to 30% of earned compensation to avoid making a high-cost mortgage to a consumer, to make technical corrections, or for any other reason that results in a lower cost to the consumer than if such forfeiture or contribution did not take place.

What's happening now August 22, 2011

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Committees of jurisdiction 2