US Congress House Bill 4163 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on March 7 2012 - 25% progression, died in committee
Action: 2012-04-26 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Pending: House Subcommittee on Financial Institutions and Consumer Credit Committee
Text: Latest bill text (Introduced) [PDF]

Preserving Consumer's Mortgage Origination Choices Act of 2012 - Amends the Truth in Lending Act with respect to the prohibitions against: (1) steering incentives in connection with residential mortgage loan origination; and (2) the restructuring of a financing origination fee, except in certain circumstances. Declares that nothing in such prohibitions shall be construed as prohibiting a mortgage originator who receives compensation directly from a consumer from compensating another mortgage originator employee, mortgage originator agent, or mortgage originator contractor based on the principal amount of the loan, provided that the amount of compensation received by such employee, agent, or contractor may not vary based on any other terms of the loan. Allows a mortgage originator, at the consumer's request, to reduce the amount of compensation the originator is receiving to offset permitted settlement charges (other than those the originator controls) that exceed the amounts previously disclosed on the good faith estimate of the settlement charges given to that consumer, provided that the originator's compensation may not increase.

Preserving Consumers' Mortgage Origination Choices Act of 2012

Rep. Gary Miller [R-CA]

Rep. Lacy Clay [D-MO]

Rep. Brad Sherman [D-CA]

Date	Chamber	Action
2012-04-26	House	Referred to the Subcommittee on Financial Institutions and Consumer Credit.
2012-03-07	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/4163/all-info
Text	https://www.congress.gov/112/bills/hr4163/BILLS-112hr4163ih.pdf