Section 1 Short title
This Act may be cited as the “Mortgage Fairness Act of 2015”.
Mortgage Fairness Act of 2015
A BILL
To amend the Truth in Lending Act to clarify that the points and fees in connection with a mortgage loan do not include certain compensation amounts already taken into account in setting the interest rate on such loan, and for other purposes.
Sec. 2 Points and fees
Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is amended—
by redesignating subsection (aa) (relating to disclosure of the greater amount or percentage) as subsection (bb);
by redesignating subsection (bb) (relating to high cost mortgages) as subsection (aa), and moving such subsection to immediately follow subsection (z); and
in paragraph (4) of subsection (aa), as so redesignated, by amending subparagraph (B) to read as follows:
“(B) all compensation from any source (other than compensation taken into account in setting the interest rate and for which there is no separate charge to the consumer) paid directly or indirectly by a consumer or creditor to—
“(i) a mortgage originator, including a mortgage originator that is also the creditor in a table-funded transaction; or
“(ii) an individual employed by or contracting with the originator or a mortgage originator;”