To amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction.
Committees
Senate Banking, Housing, and Urban Affairs Committee
Bill Summary
(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) Mortgage Choice Act of 2017 (Sec. 2) This bill amends the Truth in Lending Act to specify that neither escrow charges for insurance nor affiliated title charges shall be considered "points and fees" for purposes of determining whether a mortgage is a "high-cost mortgage." (A high-cost mortgage designation restricts the terms of the loan and requires a lender to make certain disclosures to the borrower.)
To amend the Truth in Lending Act to improve upon the definitions provided for points and fees in connection with a mortgage transaction.
(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) Mortgage Choice Act of 2017 (Sec. 2) This bill amends the Truth in Lending Act to specify that neither escrow charges for insurance nor affiliated title charges shall be considered "points and fees" for purposes of determining whether a mortgage is a "high-cost mortgage." (A high-cost mortgage designation restricts the terms of the loan and requires a lender to make certain disclosures to the borrower.)