Amendment requires that the costs and benefits of each residential mortgage loan offered, discussed, or referred to by the originator, be clearly presented side by side and that the disclosures for each product have equal prominence. Amendment also provides that disclosure must be made in writing, the understanding of which will be acknowledged by the signature of the mortgage originator and consumer.

Ask AI
Amendment Number
118
Description
Amendment requires that the costs and benefits of each residential mortgage loan offered, discussed, or referred to by the originator, be clearly presented side by side and that the disclosures for each product have equal prominence. Amendment also provides that disclosure must be made in writing, the understanding of which will be acknowledged by the signature of the mortgage originator and consumer.
Purpose
An amendment numbered 12 printed in House Report 111-98 to require that the costs and benefits of each residential mortgage loan offered, discussed or referred to by the originator be clearly presented side by side and that the disclosures for each product have equal prominence. Would require that disclosure be made in writing, the understanding of which will be acknowledged by the signature of the mortgage originator and consumer.
Congress
111
Type
HAMDT
Latest Action Date
May 7, 2009
Latest Action Text
On agreeing to the Titus amendment (A012) Agreed to by voice vote.
Latest Action Time
13:57:38
Submitted Date
May 7, 2009
Chamber
House of Representatives
Update Date
Feb 3, 2022
Amendment 118 — Informed