,i #aai? ,,congress #b;d ,session ,h4 ,r4 #idei ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,june #be1 #bjbf,mr4 ,fitzg]ald introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to am5d ! ,tru? 9 ,l5d+ ,act to mod]nize disclosure requirem5ts1 e/abli% mat]iality /&>ds & safe h>bors = mortgage disclosures1 simplify wait+ p]iod requirem5ts1 exp& tol]ances = annual p]c5tage rate accuracy1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,home ,af=dability ,?r\gh ,mortgage ,simplification ,act4 #b4 ,regulatory requirem5ts relat$ to c]ta9 mortgage transactions ,section #abh ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afch7 is am5d$ by add+ at ! end ! foll[+3 7g7 ,regulatory requirem5ts relat$ to c]ta9 mortgage transactions 7#a7 ,aggregate v>iance /&>d = e/imat$ clos+ co/s 7,a7 ,9 g5]al ,= ! purposes ( meet+ ! good fai? loan e/imate describ$ 9 section #ajbf4ai ( title #ab1 ,code ( ,f$]al ,regulations 7or any successor regulation71 a cr$itor %all be deem$ to h provid$ a good fai? loan e/imate ( clos+ co/s if ! aggregate am\nt ( clos+ co/s ! borr[] mu/ pay at consummation does n exce$ ! aggregate am\nt disclos$ "u subsection 7a77#ag7 by m ?an ! great] (-- 7i7 #ejj2 or 7ii7 #e p]c5t ( all ?ird-p>ty fees & *>ges1 exclud+ orig9ation *>ges4 7,b7 ,individual fee v>iance ,no violation %all be f\nd bas$ solely on an individual fee v>iance t does n cause ! aggregate v>iance describ$ 9 p>agraph 7#a7 to be exce$$4 7,c7 ,orig9ation *>ges 7i7 ,9 g5]al ,orig9ation *>ges %all n be includ$ 9 calculat+ ! aggregate v>iance "u ?is subsection & rema9 subject to z]o-tol]ance limitations applicable "u regulations issu$ pursuant to ?is ,act4 7ii7 ,de m9imis exception ,! z]o-tol]ance limitations describ$ 9 clause 7i7 %all n apply to bona fide1 non-int5tional cl]ical or typographical errors t-- 7,i7 are n m ?an #be2 7,,ii7 ! cr$itor docum5ts su* error2 & 7,,iii7 expressly pres]ves ! consum]'s "r to re/itution = any result+ f9ancial h>m4 7#b7 ,wait+ p]iod reset ,! wait+ p]iod = correct$ disclosures z describ$ 9 section #ajbf4ai7;a77#b7 ( title #ab1 ,code ( ,f$]al ,regulations 7or any successor regulation71 %all be reset only if-- 7,a7 ! int]e/ rate increases by m ?an #j4abe p]c5tage po9ts2 7,b7 ! loan product *anges2 or 7,c7 a prepaym5t p5alty is add$4 7#c7 ,consum] waiv] ( disclosure p]iod ,a consum] may waive ! #c-;day clos+ disclosure wait+ p]iod = a correct$ disclosure z describ$ 9 section #ajbf4ai7;f77#b77;i,i7 ( title #ab1 ,code ( ,f$]al ,regulations 7or any successor regulation74 7#d7 ,safe h>bor = revis$ mortgage loan e/imates 7,a7 ,9 g5]al ,a cr$itor may issue n m ?an #b revis$ loan e/imates = non-mat]ial *anges t d n increase ! int]e/ rate1 *ange ! loan product type1 or increase any orig9ation *>ge1 )\t demon/rat+ a *ang$ circum/ance "u section #ajbf4ai7;e77#c77;iv7 ( title #ab1 ,code ( ,f$]al ,regulations 7or any successor regulation74 7,b7 ,deliv]y p]iod ,any revis$ loan e/imate z describ$ 9 subp>agraph 7,a7 %all be deliv]$ n lat] ?an #g days prior to consummation4 7,c7 ,tol]ance reset ,any revis$ loan e/imate z describ$ 9 subp>agraph 7,a7 %all reset tol]ances only = fees affect$ by ! specific non-mat]ial *ange prompt+ ! revision4 7#e7 ,reliance on settlem5t ag5ts 7,a7 ,9 g5]al ,a cr$itor %all n be liable = inaccuracies 9 a clos+ disclosure describ$ 9 section #ajbf4ai ( title #ab1 ,code ( ,f$]al ,regulations 7or any successor regulation71 attributable solely to a settlem5t ag5t if ! cr$itor-- 7i7 ex]cis$ reasonable dilig5ce 9 select+ ! ag5t2 & 7ii7 ma9ta9$ reasonable ov]sight proc$ures4 7,b7 ,no limitation on "r to re/itution ,no?+ 9 ?is subsection %all limit a consum]'s "r to re/itution = actual f9ancial h>m ) respect to inaccuracies 9 a clos+ disclosure4 7,c7 ,rules relat$ to t]ms ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is p>agraph1 ! ,bureau %all issue rules to def9e reasonable dilig5ce & reasonable ov]sight proc$ures z su* t]ms are us$ 9 subp>agraph 7,a71 includ+ /&>ds = v5dor managem5t1 monitor+1 & error detection sy/ems4 7#f7 ,rulemak+ ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is subsection1 ! ,bureau %all issue a rule to revise section #ajbf4ai ( title #ab1 ,code ( ,f$]al ,regulations1 to ensure consi/5cy betwe5 su* section & ?is subsection4 4 #c4 ,,apr tol]ance expansion & cure ,section #ajg7;c7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjf7;c77 is am5d$ to read z foll[s3 7c7 ,accuracy ( annual p]c5tage rate 7#a7 ,9 g5]al ,! annual p]c5tage rate is accurate = ! purposes ( ?is title if x does n v>y f ! actual rate by m ?an #j4abe p]c5tage po9ts4 7#b7 ,cur+ inaccuracy ,a cr$itor may cure an inaccurate annual p]c5tage rate ?r\gh po/-consummation adju/m5t & re/itution t ensures ! consum] pays no m ov] ! life ( ! loan ?an w\ld h be5 paid at ! disclos$ rate4 4 #d4 ,reliance on guidance issu$ by ! ,bureau ( ,consum] ,f9ancial ,protection ,section #acj ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afdj7 is am5d$ by add+ at ! end ! foll[+3 7m7 ,reliance on bureau guidance ,no cr$itor %all be liable = a violation aris+ f an act done or omitt$ 9 good-fai? reliance on guidance issu$ by ! ,bureau4 7n7 ,notice & opportunity ,to cure 7#a7 ,fir/ "t violation ,no civil p5alty may be impos$ = a fir/ "t violation "u ?is title unless ! cr$itor fails to cure su* violation )9 #fj days aft] receiv+ writt5 notice f a ,f$]al or ,/ate regulator4 7#b7 ,re/itution & private rem$ies = consum] ,no?+ 9 ?is subsection affects a consum]'s "r to re/itution or private rem$ies4 7#c7 ,fir/ "t violation def9$ ,9 ?is subsection1 ! t]m fir/ "t violation means ! fir/ writt5 notice f a ,f$]al or ,/ate regulator t id5tifies a specific violation "u ?is title1 = :i*-- 7,a7 no prior notice ( ! same violation issu$ )9 ! prec$+ #cf-mon? p]iod2 & 7,b7 a s+le patt]n or practice affect+ multiple loans con/itutes "o violation = purposes ( ?is subsection if aris+ f ! same und]ly+ error4 4