H.R. 3915 - To Amend the Truth in Lending Act to Reform Consumer Mortgage Practices and Provide Accountability for Such Practices, to Establ

To Amend the Truth in Lending Act to Reform Consumer Mortgage Practices and Provide Accountability for Such Practices, to Establ

H.R. 3915 — 110^th Congress (2007–2008)

Summary

To amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators, to provide certain minimum standards for consumer mortgage loans, and for other purposes. (by CRS)

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Title

To amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators, to provide certain minimum standards for consumer mortgage loans, and for other purposes.

Other Titles

• Mortgage Reform and Anti-Predatory Lending Act of 2007
• Mortgage Reform and Anti-Predatory Lending Act of 2007
• Expand and Preserve Home Ownership Through Counseling Act
• Mortgage Reform and Anti-Predatory Lending Act of 2007
• Expand and Preserve Home Ownership Through Counseling Act

Sponsor

Brad Miller

Co-Sponsors

• Gwen Moore
• Yvette D. Clarke
• Gregory W. Meeks
• Melvin L. Watt
• Keith Ellison
• Michael E. Capuano
• Gabrielle Giffords
• Steven C. LaTourette
• Melissa Bean
• Barney Frank
• Maxine Waters
• Al Green
• Carolyn B. Maloney
• Marcy Kaptur
• Wm. Lacy Clay
• Steve Cohen
• Joe Baca
• Betty Sutton
• Paul Hodes
• Elijah E. Cummings
• Stephanie Jones
• Albert Wynn
• David Scott
• Luis V. Gutiérrez
• Christopher Murphy
• Emanuel Cleaver
• Julia Carson

Subjects

• Housing
• Administrative fees
• Administrative procedure
• Aged
• Bank employees
• Budgets
• Business
• Class actions (Civil procedure)
• Communications
• Consumer credit
• Consumer education
• Consumers
• Counseling
• Criminal justice
• Criminal justice information
• Department of Housing and Urban Development
• Executive departments
• Executive reorganization
• Federal advisory bodies
• Fees
• Finance
• Fines (Penalties)
• Fingerprints
• Foreclosure
• Fraud
• Government information
• Government publicity
• Governmental investigations
• Home ownership
• Housing for the aged
• Identification devices
• Identification of criminals
• Interest
• Interest rates
• Language and languages
• Law
• Leases
• Liability (Law)
• Licenses
• Limitation of actions
• Loan defaults
• Low-income housing
• Mortgage banks
• Mortgage guaranty insurance
• Mortgages
• Prosecution
• Public service advertising
• Real estate business
• Social services
• Standards
• Variable rate mortgage loans

Related Bills

• H.Res. 825 (110^th) : Providing for Consideration of the Bill (H.R. 3915) to Amend the Truth in Lending Act to Reform Consumer Mortgage Practices and Provide Accountability for Such Practices, to Establish Licensing and Registration Requirements for Residential Mortgage Originators, to Provide Certain Minimum Standards for Consumer Mortgage Loans, and for Other Purposes.

Major Actions

Introduced	10/22/2007
Referred to Committee
Amendments (18 proposed)
Passed House	11/15/2007

Bill History

• All Votes
• All Actions
• Amendments

	Chamber/Committee	Motion	Date	Result
select this vote	House	On agreeing to the Frank (MA) amendment (A002) Agreed to by voice vote.	11/15/2007	PASSED by voice vote
select this vote	House	On agreeing to the Kanjorski amendment (A003) Agreed to by voice vote.	11/15/2007	PASSED by voice vote
select this vote	House	Amendment 4 to H.R. 3915	11/15/2007	This amendment DID NOT PASS the House 169 voted YES 250 voted NO 18 voted present/not voting
select this vote	House	On agreeing to the Watt amendment (A007) Failed by voice vote.	11/15/2007	DID NOT PASS by voice vote
select this vote	House	On agreeing to the Putnam amendment Agreed to by voice vote.	11/15/2007	PASSED by voice vote
select this vote	House	On agreeing to the Watt amendment (A011) Agreed to by voice vote.	11/15/2007	PASSED by voice vote
select this vote	House	On agreeing to the Meeks (NY) amendment Agreed to by voice vote.	11/15/2007	PASSED by voice vote
select this vote	House	On agreeing to the Sutton amendment (A019) Agreed to by voice vote.	11/15/2007	PASSED by voice vote
select this vote	House	Amendment 5 to H.R. 3915	11/15/2007	This amendment DID NOT PASS the House 172 voted YES 249 voted NO 16 voted present/not voting
select this vote	House	Amendment 13 to H.R. 3915	11/15/2007	This amendment DID NOT PASS the House 188 voted YES 229 voted NO 20 voted present/not voting
select this vote	House	Amendment 16 to H.R. 3915	11/15/2007	This amendment DID NOT PASS the House 168 voted YES 245 voted NO 24 voted present/not voting
select this vote	House	On Motion to Recommit with Instructions: H.R. 3915 Mortgage Reform and Anti-Predatory Lending Act	11/15/2007	This motion DID NOT PASS the House 188 voted YES 231 voted NO 13 voted present/not voting
currently selected	House	On Passage - House - H.R. 3915 Mortgage Reform and Anti-Predatory Lending Act	11/15/2007	This bill PASSED the House 291 voted YES 127 voted NO 14 voted present/not voting

	Action	Date	Description
	Introduced	10/22/2007
		10/22/2007	Referred to the House Committee on Financial Services.
		11/06/2007	Committee Consideration and Mark-up Session Held.
	Put on a legislative calendar	11/06/2007	Ordered to be Reported (Amended) by Voice Vote.
		11/09/2007	Reported (Amended) by the Committee on Financial Services. H. Rept. 110-441.
	Put on a legislative calendar	11/09/2007	Placed on the Union Calendar, Calendar No. 272.
		11/14/2007	Rules Committee Resolution H. Res. 825 Reported to House. Rule provides for consideration of H.R. 3915 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
		11/15/2007	Rule H. Res. 825 passed House.
		11/15/2007	ORDER OF PROCEDURE - Mr. Frank asked unanimous consent that during consideration of H.R. 3915 pursuant to H. Res. 825, the Chair may reduce to two minutes the minimum time for electronic voting under clause 6 of rule 18 and clauses 8 and 9 of rule 20. Agreed to without objection.
		11/15/2007	Considered under the provisions of rule H. Res. 825.
		11/15/2007	House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 825 and Rule XVIII.
		11/15/2007	The Speaker designated the Honorable Dennis A. Cardoza to act as Chairman of the Committee.
		11/15/2007	Rule provides for consideration of H.R. 3915 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
		11/15/2007	GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3915.
		11/15/2007	Amendment (A002) offered by Mr. Frank (MA).
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Frank (MA) amendment.
select this vote	Vote	11/15/2007	On agreeing to the Frank (MA) amendment (A002) Agreed to by voice vote.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Kanjorski amendment.
		11/15/2007	Amendment (A003) offered by Mr. Kanjorski.
select this vote	Vote	11/15/2007	On agreeing to the Kanjorski amendment (A003) Agreed to by voice vote.
		11/15/2007	Mr. Frank (MA) moved to rise.
		11/15/2007	On motion to rise Agreed to by voice vote.
		11/15/2007	Committee of the Whole House on the state of the Union rises leaving H.R. 3915 as unfinished business.
		11/15/2007	Considered as unfinished business.
		11/15/2007	The House resolved into Committee of the Whole House on the state of the Union for further consideration.
		11/15/2007	Amendment (A004) offered by Mrs. Maloney (NY).
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Maloney amendment.
		11/15/2007	Amendment (A005) offered by Mr. Watt.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Watt amendment.
		11/15/2007	POSTPONED PROCEEDINGS - At the conclusion of debate on the Watt amendment, the Chair put the question on adoption of the amendment and by voice vote, annnounced that the ayes had prevailed. Mr. Bachus demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
		11/15/2007	Amendment (A006) offered by Mr. Price (GA).
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Price (GA) amendment.
		11/15/2007	POSTPONED PROCEEDINGS - At the conclusion of debate on the Price (GA) amendment, the Chair put the question on adoption of the amendment and by voice vote, annnounced that the noes had prevailed. Mr. Price (GA) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
		11/15/2007	Mr. Frank (MA) moved to rise.
		11/15/2007	On motion to rise Agreed to by voice vote.
		11/15/2007	Committee of the Whole House on the state of the Union rises leaving H.R. 3915 as unfinished business.
		11/15/2007	Considered as unfinished business.
		11/15/2007	The House resolved into Committee of the Whole House on the state of the Union for further consideration.
		11/15/2007	Amendment (A007) offered by Mr. Watt.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Watt amendment.
select this vote	Vote	11/15/2007	Amendment 4 to H.R. 3915
select this vote	Vote	11/15/2007	On agreeing to the Watt amendment (A007) Failed by voice vote.
		11/15/2007	Amendment (A008) offered by Mr. Putnam.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Putnam amendment.
select this vote	Vote	11/15/2007	On agreeing to the Putnam amendment Agreed to by voice vote.
		11/15/2007	Amendment (A009) offered by Mr. Watt.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Watt amendment.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Hensarling amendment.
		11/15/2007	By unanimous consent, the Watt amendment was withdrawn.
		11/15/2007	Amendment (A010) offered by Mr. Hensarling.
		11/15/2007	Amendment (A011) offered by Mr. Watt to the Hensarling amendment (A010).
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Watt amendment.
		11/15/2007	On agreeing to the Hensarling amendment (A010) as amended Agreed to by voice vote.
select this vote	Vote	11/15/2007	On agreeing to the Watt amendment (A011) Agreed to by voice vote.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Meeks (NY) amendment.
		11/15/2007	Amendment (A012) offered by Mr. Meeks (NY).
select this vote	Vote	11/15/2007	On agreeing to the Meeks (NY) amendment Agreed to by voice vote.
		11/15/2007	Amendment (A013) offered by Ms. Brown-Waite, Ginny.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Brown-Waite (FL) amendment.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Garrett (NJ) amendment.
		11/15/2007	Amendment (A014) offered by Mr. Garrett (NJ).
		11/15/2007	POSTPONED PROCEEDINGS - At the conclusion of debate on the Garrett (NJ) amendment, the Chair put thequestion on adoption of the amendment and by voice vote, annnounced that the noes had prevailed. Mr. Garrett (NJ) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
		11/15/2007	Amendment (A015) offered by Mr. Frank (MA).
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Frank (MA) amendment.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Al Green amendment.
		11/15/2007	By unanimous consent, the Frank (MA) amendment was withdrawn.
		11/15/2007	Amendment (A016) offered by Mr. Green, Al.
		11/15/2007	Amendment (A017) offered by Mr. McHenry.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the McHenry amendment.
		11/15/2007	POSTPONED PROCEEDINGS - At the conclusion of debate on the McHenry amendment, the Chair put the question on adoption of the amendment and by voice vote, annnounced that the noes had prevailed. Mr. McHenry demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Van Hollen amendment.
		11/15/2007	Amendment (A018) offered by Mr. Van Hollen.
		11/15/2007	DEBATE - Pursuant to the provisions of H.Res. 825, the Committee of the Whole proceeded with ten minutes of debate on the Sutton amendment.
		11/15/2007	By unanimous consent, the Van Hollen amendment was withdrawn.
		11/15/2007	Amendment (A019) offered by Ms. Sutton.
select this vote	Vote	11/15/2007	On agreeing to the Sutton amendment (A019) Agreed to by voice vote.
		11/15/2007	The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3915.
		11/15/2007	The previous question was ordered pursuant to the rule.
		11/15/2007	The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
		11/15/2007	Mrs. Blackburn moved to recommit with instructions to Financial Services.
		11/15/2007	DEBATE - The House proceeded with 10 minutes of debate on the Blackburn motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House forthwith with the following amendments inserting a new subsection on approved identification to obtain a residential mortgage loan and technical corrections.
		11/15/2007	The previous question on the motion to recommit with instructions was ordered without objection.
		11/15/2007	The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 3915.
select this vote	Vote	11/15/2007	Amendment 5 to H.R. 3915
select this vote	Vote	11/15/2007	Amendment 13 to H.R. 3915
select this vote	Vote	11/15/2007	Amendment 16 to H.R. 3915
select this vote	Vote	11/15/2007	On Motion to Recommit with Instructions: H.R. 3915 Mortgage Reform and Anti-Predatory Lending Act
currently selected	House Vote on Passage	11/15/2007	On Passage - House - H.R. 3915 Mortgage Reform and Anti-Predatory Lending Act
		12/03/2007	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

	Number	Sponsor	Date Offered	Status
select this vote	H. Amdt. 899	Frank, Barney [D-MA4]	November 15, 2007	Passed by voice vote on November 15, 2007.
	Amendment makes a number of technical and conforming changes as well as enhancemen ts to the bill including the following: (1) clarifies the definition of loan originator; (2) narrows the scope of the preemption provision to make it clear that states cannot use or adopt state laws against securitizers/assignees for violations of the national standards or to impose remedies outside of the unique Federal remedy established in the bill, and to make it clear that actions for fraud, misrepresentation, deception, false advertising or civil rights laws are not preempted; (3) clarifies the registration requirements for the Nationwide Mortgage Licensing System and Registry; (4) allows consumers to obtain a cure from assignee or securitizer if creditor or other assignees cease to exist or go bankrupt; (5) clarifies the incentive compensation provision; and (6) adds a monthly disclosure requirement for mortgages. Show amendment details
select this vote	H. Amdt. 900	Kanjorski, Paul [D-PA11]	November 15, 2007	Passed by voice vote on November 15, 2007.
	Amendment to better consumer protection by improving mortgage servicing, protecting appraiser independence, ensuring better appraisal quality and regulatory oversight, requiring escrows for mortgages for borrowers who might experience difficulty with repayment, and establishing disclosure for consumers who waive escrow accounts. Show amendment details
select this vote	H. Amdt. 901	Maloney, Carolyn [D-NY12]	November 15, 2007	Passed by roll call vote on November 15, 2007.
	Amendment requires a borrower to receive the option of a mortgage without a prepayment penalty, if they are offered an amendment with a prepayment penalty. Sets the maximum time for a prepayment penalty of 3 years and a maximum prepayment amount of 3% of the loan for the first year, 2% for the second year and 1% for the third year. Show amendment details
select this vote	H. Amdt. 902	Watt, Melvin [D-NC12]	November 15, 2007	Failed by roll call vote on November 15, 2007.
	Amendment sought to allow for actual damages in the liability section. Show amendment details
	H. Amdt. 903	Price, Tom [R-GA6]	November 15, 2007	Failed by voice vote on November 15, 2007.
	Amendment sought to exempt prime loans from the bill. Show amendment details
select this vote	H. Amdt. 904	Watt, Melvin [D-NC12]	November 15, 2007	Failed by voice vote on November 15, 2007.
	Amendment sought to require the assignee to have policies/procedures and to cure the loan to avoid being liable for rescission. Show amendment details
select this vote	H. Amdt. 905	Putnam, Adam [R-FL12]	November 15, 2007	Passed by voice vote on November 15, 2007.
	Amendment directs the GAO to conduct a study to determine the effects the enactment of H.R. 3915 will have on the availability and affordability of credit for homebuyers and mortgage lending, and to submit a report to Congress containing the findings and conclusions within one year of the enactment of the legislation. Show amendment details
	H. Amdt. 906	Watt, Melvin [D-NC12]	November 15, 2007	Withdrawn on November 15, 2007.
	An amendment numbered 6 printed in House Report 110-450 to change the irrebuttable presumption under section 203 to a rebuttable presumption for all mortgages that allow a borrower to defer payment of principal or interest. Show amendment details
	H. Amdt. 907	Hensarling, Jeb [R-TX5]	November 15, 2007	Offered on November 14, 2007.
	Amendment removes the civil liability of a lender and cancel the right of rescission for a borrower in instances when a borrower knowingly lied on their mortgage loan application. Show amendment details
select this vote	H. Amdt. 908	Watt, Melvin [D-NC12]	November 15, 2007	Passed by voice vote on November 15, 2007.
	Amendment adds that the obligor must have had actual knowledge of the false material information for the exemption from liability to take effect. Show amendment details
select this vote	H. Amdt. 909	Meeks, Gregory [D-NY5]	November 15, 2007	Passed by voice vote on November 15, 2007.
	An amendment numbered 9 printed in House Report 110-450 to provide that the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer educational courses for pre-licensure or continuing education for mortgage originators. In approving courses under this Act, the Nationwide Mortgage Licensing System and Registry shall apply reasonable standards in the review and approval of courses. Show amendment details
select this vote	H. Amdt. 910	Brown-Waite, Virginia [R-FL5]	November 15, 2007	Passed by roll call vote on November 15, 2007.
	Amendment to excludes loans insured by the Federal Housing Administration from the provisions of the bill. Show amendment details
	H. Amdt. 911	Garrett, Scott [R-NJ5]	November 15, 2007	Failed by voice vote on November 15, 2007.
	Amendment sought to strike the rebuttable presumption under section 203, stating that all qualified safe harbor loans that meet the requirements listed in section 203(c)(3)(C) fall under the safe harbor. Show amendment details
	H. Amdt. 912	Frank, Barney [D-MA4]	November 15, 2007	Withdrawn on November 15, 2007.
	An amendment numbered 13 printed in House Report 110-450 to allow regulators to fine mortgage originators, assignees and securitizers who more than occasionally (`pattern or practice') violate the minimum standards for loans established in the bill at least $1 million, $25,000 per loan. Proceeds would be held in trust by the US Treasury for the benefit of borrowers who have no other avenue for obtaining a remedy. Show amendment details
select this vote	H. Amdt. 913	Green, Al [D-TX9]	November 15, 2007	Passed by roll call vote on November 15, 2007.
	Amendment states that educational requirements include instruction on fraud, consumer protection, and fair lending issues. Show amendment details
	H. Amdt. 914	McHenry, Patrick [R-NC10]	November 15, 2007	Failed by voice vote on November 15, 2007.
	Amendment sought to strike Title III--High-Cost Mortgages from the bill. Show amendment details
	H. Amdt. 915	Van Hollen, Chris [D-MD]	November 15, 2007	Withdrawn on November 15, 2007.
	An amendment numbered 17 printed in House Report 110-450 to require that in the case of a residential mortgage loan, closing costs may not exceed by more than 10% any estimate of closing costs disclosed to the consumer in advance of closing. Show amendment details
select this vote	H. Amdt. 916	Sutton, Betty [D-OH13]	November 15, 2007	Passed by voice vote on November 15, 2007.
	Amendment requires loan creditors or servicers to provide a written notice to consumers with hybrid adjustable rate mortgages six months before their interest rates are due to reset. This notice would state the new interest rate, an explanation of how the new interest rate would be determined, the creditor's or servicer's good faith estimate of the monthly payment that will apply after the reset, a list of alternatives consumers may pursue before the date of adjustment or reset, and contact information for local HUD-approved housing counseling agencies and the state housing finance authority. Show amendment details