US Congress House Bill 2509 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on July 13 2011 - 25% progression, died in committee
Action: 2011-08-22 - 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 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.

Preserving Consumers' Mortgage Origination Choices Act of 2011

Rep. Gary Miller [R-CA]

Rep. Brad Sherman [D-CA]

Date	Chamber	Action
2011-08-22	House	Referred to the Subcommittee on Financial Institutions and Consumer Credit.
2011-07-13	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/2509/all-info
Text	https://www.congress.gov/112/bills/hr2509/BILLS-112hr2509ih.pdf