Brown-Waite (FL)

#8

The amendment excludes loans insured by the Federal Housing Administration from the provisions of the bill.

Frank (MA)/Bachus (AL)

#13

(REVISED) The amendment makes a number of technical and conforming changes as well as enhancements 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.

Garrett (NJ)

#10

The amendment would 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.

Green, Al (TX)

#16

States that educational requirements include instruction on fraud, consumer protection, and fair lending issues.

Hensarling (TX)

#11

(REVISED) Amendment would remove 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.

Hensarling (TX)

#12

(REVISED) Amendment to strike the assignee and securitizer liability language from the bill.

Kanjorski (PA)/Biggert (IL)/Capito (WV)/Hodes (NH)/Moore, Gwen (WI)

#9

The amendment, reflecting provisions from H.R. 3837 (The Escrow, Appraisal, and Mortgage Servicing Improvements Act), would 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.

Maloney (NY)

#22

(REVISED) Would require 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.

McHenry (NC)

#5

This amendment would require that prior to enactment the Federal Reserve Board must first certify that the provisions in this Act will not result in restricted homeownership (through new loans or refinancing).

McHenry (NC)

#6

The amendment would strike Title III - High-Cost Mortgages - from the bill.

Meeks (NY)

#23

The amendment provides 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.

Meeks (NY)

#24

Amendment to permit homeowners whose real property is in foreclosure, due to a serious adverse personal event, to have meaningful access to credit to refinance their mortgage, with appropriate safeguards, after receiving counseling from an approved counselor.

Miller, Brad (NC)/Frank (MA)/Watt (NC)

#14

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.

Miller, Gary (CA)

#3

This amendment deletes the condition in Title III that bona fide discount points may be excluded from the points and fees test only if the interest rate to be discounted does not exceed by more than 1 or 2 percentage points the required net yield for a 90-day standard mandatory delivery commitment for a reasonably comparable loan from either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, whichever is greater.  This amendment retains the language in Title III that excludes up to two bona fide discount points from the points and fees test for high cost loans under HOEPA.

Perlmutter (CO)

#21

(WITHDRAWN) (REVISED) Amends the subsection regarding the effect of foreclosure on pre-existing leases to state that any owner-occupancy loan is not subject to the points made within said subsection when the owner, who has an owner occupancy loan, is in violation of the loan document.

Price, Tom (GA)

#2

This amendment would exempt prime loans from the bill.

Putnam (FL)

#7

The amendment would direct 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. 

Sutton (OH)

#1

(REVISED) This amendment would require 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 best 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.

Van Hollen (MD)

#4

The amendment requires 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.

Watt (NC)/Miller, Brad (NC)

#15

This amendment allows for actual damages in the liability section.

Watt (NC)/Miller, Brad (NC)

#17

The amendment requires the assignee to have policies/procedures and to cure the loan to avoid being liable for rescission.

Watt (NC)/Miller, Brad (NC)

#18

The amendment states that a consumer who has received an illegal loan can have the loan cured by the assignee prior to foreclosure.

Watt (NC)/Miller, Brad (NC)

#19

The amendment changes the irrebuttable presumption under Section 203 to a rebuttable presumption for all mortgages that allow a borrower to defer payment of principal or interest.

Watt (NC)/Miller, Brad (NC)

#20

(REVISED) The second-degree amendment to Hensarling #11 adds that the obligor must have had actual knowledge of the false material information for the exemption from liability to take effect.