PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S14299-14300)
Congressional Research Service
Version 00 · Introduced in Senate · Nov 13, 2007
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.
Showing the opening paragraphs of the official summary.
Requires: (1) written and oral explanations of a borrower's payment options; and (2) a borrower's signature attesting agreement with originator fees and with the chosen method of payment.
Requires the originator to provide the applicant with a written early settlement statement of all settlement costs to be charged at or before settlement.
Shields borrowers from liability for any such fees not disclosed on an early settlement statement, except in certain circumstances.
Establishes originator liability to a borrower for non-compliance with this Act, including reimbursement of the borrower for court costs.
Repeals the requirement that special information booklets prepared by the Secretary of Housing and Urban Development (HUD) for borrowers contain a good faith estimate of the amount or range of expected settlement charges.
People & committees
Sen. Reed, Jack [D-RI] · D–RI
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S14299-14300)
Sponsor introductory remarks on measure. (CR S14298-14299)
Introduced in Senate
Primary sources
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Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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