Mortgage Broker Transparency and Accountability Act of 2007 – Amends the Truth in Lending Act to establish mandatory responsibilities, duties, and disclosures governing mortgage brokers.
Deems any mortgage broker to have a statutory agency relationship with the consumer subject to all requirements under state or federal law.
Sets forth disclosure requirements, including disclosure of: (1) the risks and benefits of each home mortgage loan product; (2) possible payment increases at the time of any resetting of rate; (3) the extent of any prepayment penalties and balloon payments; and (4) the consumer's responsibilities to pay taxes and insurance with respect to such product.
Requires mortgage brokers to maintain a bond that inures, first, to the benefit of any consumer who has any claim against the mortgage broker under this Act.
Prohibits: (1) mortgage brokers from steering a consumer to a higher-cost mortgage than one for which the consumer would otherwise qualify; and (2) waiver by a consumer of the requirements imposed upon a mortgage broker under this Act.
Requires disclosure of specified affiliations on the part of persons involved in the home mortgage loan process.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.