Nov 05
Sides are quickly being drawn over a pending bill before the House of
Representatives which, if passed, will put in place some
stringent new standards for mortgage underwriting and
the regulation and compensation of mortgage brokers.
HR 3915 is expected to be voted on by the House
Financial Services Committee on Tuesday, November 6. Introduced by
Representative Bradley Miller (D-NC) and cosponsored by 21 other members
of the House, modifies three major sections of Truth in Lending
Act (15 U.S.C. 1602), Title I deals with mortgage origination;
Title II outlines minimum standards for mortgages, and Title III
addresses high cost mortgages…