The House of Representatives passed H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, on Nov. 15 in an effort to address the turbulence in the mortgage market.
The bill wouild require lenders tp require borrowers to have a reasonable ability to pay back a loan, bring mortgage brokers under a nationwide licensing registry, expand some limits on high-cost mortgages and establish some legal liability standards for mortgage
The bill, which seeks to curb abusive mortgage lending practices, would require lenders to make sure borrowers have a reasonable ability to pay back a loan, bring mortgage brokers under a nationwide licensing registry, expand some limits on high-cost mortgages and establish some legal liability standards.
The bill would also establish federal standards for appraisers and require certain borrowers to open escrow accounts along with their mortgages to protect against unexpected taxes and insurance premiums.
The bill has not passed the Senate
NAR is encouraging realtors® to contact their senator and encourage the passage of the bill. Before you do, I recommend you read the bill for yourself before contacting your Senator.
You can read the bill at FHA Modernization Act of 2007
If you need to know how to contact your Senator, click here: Senators of the 110th Congress
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