Home Affordability Through Mortgage Simplification Act

This bill would change federal Truth in Lending Act rules for mortgage disclosures. It would treat a lender's closing cost estimate as acceptable if total closing costs at closing are no more than $500 or 5 percent of third-party fees above the estimate, whichever is greater, and would limit when the waiting period after a corrected disclosure restarts. It would let borrowers waive the 3-day closing disclosure waiting period, let lenders issue up to 2 revised loan estimates for certain minor changes, and allow the annual percentage rate to differ from the actual rate by up to 0.125 percentage points. It would also shield lenders from liability in some cases, such as errors caused only by settlement agents or actions based on federal consumer bureau guidance, and bar civil penalties for first-time violations fixed within 60 days of a regulator's notice.

Full text and official record on Congress.gov

Sponsors

• Scott Fitzgerald Republican sponsor
• 0 cosponsors