S.2343: A bill to amend the Real Estate Settlement Procedures Act to require mortgage originators to make their fees more transparent.

A bill to amend the Real Estate Settlement Procedures Act to require mortgage originators to make their fees more transparent. 11/13/2007--Introduced. Real Estate Transparency Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to modify requirements governing settlement statements. Requires the originator of a federally related mortgage loan to provide, within three days of a loan application, a written agreement to the applicant itemizing all of the fees the originator may charge at or before loan settlement, including origination, underwriting, and broker fees. Excludes from such requirement bona fide discount points payable by the borrower to reduce the loan's interest rate. Requires an originator fee agreement to set out the following fee payment methods: (1) paying in cash before or at settlement; (2) adding such fees into the total loan amount to be borrowed; and (3) increasing the loan's interest rate. Requires: (1) written and [...]

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