,i #aaith ,,congress #b;d ,session ,h4 ,r4 #idei ,,in ,,the ,,house ,,of ,,representatives ,june #be1 #bjbf,mr4 ,fitzgerald introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to amend the ,truth in ,lending ,act to modernize disclosure requirements1 establish materiality standards and safe harbors for mortgage disclosures1 simplify waiting period requirements1 expand tolerances for annual percentage rate accuracy1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,home ,affordability ,through ,mortgage ,simplification ,act4 #b4 ,regulatory requirements related to certain mortgage transactions ,section #abh of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7 is amended by adding at the end the following3 7g7 ,regulatory requirements related to certain mortgage transactions 7#a7 ,aggregate variance standard for estimated closing costs 7,a7 ,in general ,for the purposes of meeting the good faith loan estimate described in section #ajbf4ai of title #ab1 ,code of ,federal ,regulations 7or any successor regulation71 a creditor shall be deemed to have provided a good faith loan estimate of closing costs if the aggregate amount of closing costs the borrower must pay at consummation does not exceed the aggregate amount disclosed under subsection 7a77#ag7 by more than the greater of-- 7i7 #ejj2 or 7ii7 #e percent of all third-party fees and charges1 excluding origination charges4 7,b7 ,individual fee variance ,no violation shall be found based solely on an individual fee variance that does not cause the aggregate variance described in paragraph 7#a7 to be exceeded4 7,c7 ,origination charges 7i7 ,in general ,origination charges shall not be included in calculating the aggregate variance under this subsection and remain subject to zero-tolerance limitations applicable under regulations issued pursuant to this ,act4 7ii7 ,de minimis exception ,the zero-tolerance limitations described in clause 7i7 shall not apply to bona fide1 non-intentional clerical or typographical errors that-- 7,i7 are not more than #be2 7,,ii7 the creditor documents such error2 and 7,,iii7 expressly preserves the consumer's right to restitution for any resulting financial harm4 7#b7 ,waiting period reset ,the waiting period for corrected disclosures as described in section #ajbf4ai7;a77#b7 of title #ab1 ,code of ,federal ,regulations 7or any successor regulation71 shall be reset only if-- 7,a7 the interest rate increases by more than #j4abe percentage points2 7,b7 the loan product changes2 or 7,c7 a prepayment penalty is added4 7#c7 ,consumer waiver of disclosure period ,a consumer may waive the #c-;day closing disclosure waiting period for a corrected disclosure as described in section #ajbf4ai7;f77#b77;i,i7 of title #ab1 ,code of ,federal ,regulations 7or any successor regulation74 7#d7 ,safe harbor for revised mortgage loan estimates 7,a7 ,in general ,a creditor may issue not more than #b revised loan estimates for non-material changes that do not increase the interest rate1 change the loan product type1 or increase any origination charge1 without demonstrating a changed circumstance under section #ajbf4ai7;e77#c77;iv7 of title #ab1 ,code of ,federal ,regulations 7or any successor regulation74 7,b7 ,delivery period ,any revised loan estimate as described in subparagraph 7,a7 shall be delivered not later than #g days prior to consummation4 7,c7 ,tolerance reset ,any revised loan estimate as described in subparagraph 7,a7 shall reset tolerances only for fees affected by the specific non-material change prompting the revision4 7#e7 ,reliance on settlement agents 7,a7 ,in general ,a creditor shall not be liable for inaccuracies in a closing disclosure described in section #ajbf4ai of title #ab1 ,code of ,federal ,regulations 7or any successor regulation71 attributable solely to a settlement agent if the creditor-- 7i7 exercised reasonable diligence in selecting the agent2 and 7ii7 maintained reasonable oversight procedures4 7,b7 ,no limitation on right to restitution ,nothing in this subsection shall limit a consumer's right to restitution for actual financial harm with respect to inaccuracies in a closing disclosure4 7,c7 ,rules related to terms ,not later than #ahj days after the date of the enactment of this paragraph1 the ,bureau shall issue rules to define reasonable diligence and reasonable oversight procedures as such terms are used in subparagraph 7,a71 including standards for vendor management1 monitoring1 and error detection systems4 7#f7 ,rulemaking ,not later than #ahj days after the date of the enactment of this subsection1 the ,bureau shall issue a rule to revise section #ajbf4ai of title #ab1 ,code of ,federal ,regulations1 to ensure consistency between such section and this subsection4 4 #c4 ,,apr tolerance expansion and cure ,section #ajg7;c7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjf7;c77 is amended to read as follows3 7c7 ,accuracy of annual percentage rate 7#a7 ,in general ,the annual percentage rate is accurate for the purposes of this title if it does not vary from the actual rate by more than #j4abe percentage points4 7#b7 ,curing inaccuracy ,a creditor may cure an inaccurate annual percentage rate through post-consummation adjustment and restitution that ensures the consumer pays no more over the life of the loan than would have been paid at the disclosed rate4 4 #d4 ,reliance on guidance issued by the ,bureau of ,consumer ,financial ,protection ,section #acj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afdj7 is amended by adding at the end the following3 7m7 ,reliance on bureau guidance ,no creditor shall be liable for a violation arising from an act done or omitted in good-faith reliance on guidance issued by the ,bureau4 7n7 ,notice and opportunity ,to cure 7#a7 ,first time violation ,no civil penalty may be imposed for a first time violation under this title unless the creditor fails to cure such violation within #fj days after receiving written notice from a ,federal or ,state regulator4 7#b7 ,restitution and private remedies for consumer ,nothing in this subsection affects a consumer's right to restitution or private remedies4 7#c7 ,first time violation defined ,in this subsection1 the term first time violation means the first written notice from a ,federal or ,state regulator that identifies a specific violation under this title1 for which-- 7,a7 no prior notice of the same violation issued within the preceding #cf-month period2 and 7,b7 a single pattern or practice affecting multiple loans constitutes one violation for purposes of this subsection if arising from the same underlying error4 4