H.R. 2570House115th Congress (2017-2019)In Committee

Mortgage Fairness Act of 2017

Sponsored by Bill PoseyRep. Bill Posey (R-FL)
Introduced May 19, 2017

AI-Generated Summary

Updated April 15, 2026 at 3:44 PM UTC

The Mortgage Fairness Act of 2017 changes the Truth in Lending Act to clarify what counts as “points and fees” on a mortgage. It says that compensation already built into the loan’s interest rate is not considered a point or fee. The rule mainly affects home‑buyers and the lenders or mortgage originators who charge them.

Key Provisions

  • Renames certain subsections of the Truth in Lending Act (shifts the “high‑cost mortgage” section to a new label).
  • Specifies that points and fees do not include any compensation that is already reflected in the loan’s interest rate and that has no separate charge to the consumer.
  • Defines “compensation” as any payment, direct or indirect, from a consumer or creditor to a mortgage originator (or their employees/contractors) that is not already accounted for in the interest rate.

Legislative Activity

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5 earlier actions
HouseCalendars Latest Action

Placed on the Union Calendar, Calendar No. 801.

November 14, 2018

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HouseIntro Referral

Introduced in House

May 19, 2017

HouseIntro Referral

Referred to the House Committee on Financial Services.

May 19, 2017

HouseCommittee

Committee Consideration and Mark-up Session Held.

July 24, 2018

HouseCommittee

Ordered to be Reported by the Yeas and Nays: 34 - 22.

July 24, 2018

HouseCommittee

Reported by the Committee on Financial Services. H. Rept. 115-1024.

November 14, 2018

HouseCalendars

Placed on the Union Calendar, Calendar No. 801.

November 14, 2018

Floor Debate

4 members

What members said about H.R. 2570 on the floor

3 Republicans1 Democrat
Mark E. Amodei
Rep. Mark E. AmodeiR-NV-2 · Jan 16, 2018

Mr. Speaker, I thank my colleagues from Montana and Hawaii for their supportiveness. Briefly, Mr. Speaker, this is what you get when people talk about issues and not cliches. This is a long time in…

Greg Gianforte
Rep. Greg GianforteR-MT · Jan 16, 2018

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1107) to promote conservation, improve public land management, and provide for sensible development in Pershing County, Nevada, and…

Colleen Hanabusa
Rep. Colleen HanabusaD-HI-1 · Jan 16, 2018

Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, H.R. 1107 is a bill cosponsored by the entire Nevada delegation that will enhance both economic development opportunities and the…

Mitch McConnell
Sen. Mitch McConnellR-KY · Dec 21, 2017

Mr. President, I know of no further debate on the bills. Mr. President, I ask unanimous consent that the motions to reconsider be considered made and laid upon the table.

Bill Text

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Reported in HouseIssued November 14, 2018

IB

Union Calendar No. 801

115th CONGRESS

2d Session

H. R. 2570

[Report No. 115–1024]

IN THE HOUSE OF REPRESENTATIVES

May 19, 2017

Mr. Posey introduced the following bill; which was referred to the Committee on Financial Services

November 14, 2018

Additional sponsors: Mr. Ross and Mr. Rohrabacher

November 14, 2018

Committed to the Committee of the Whole House on the State of the Union and ordered to be printed


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.


1.

Short title

This Act may be cited as the Mortgage Fairness Act of 2017.

2.

Points and fees

Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is amended—

(1)

by redesignating subsection (aa) (relating to disclosure of the greater amount or percentage) as subsection (bb);

(2)

by redesignating subsection (bb) (relating to high cost mortgages) as subsection (aa), and moving such subsection to immediately follow subsection (z); and

(3)

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;

.

November 14, 2018

Committed to the Committee of the Whole House on the State of the Union and ordered to be printed