S.2327 - An Act to amend the Real Estate Settlement Procedures Act of 1974.94th Congress (1975-1976)
|Sponsor:||Sen. Morgan, Robert B. [D-NC] (Introduced 09/10/1975)|
|Committees:||Senate - Banking, Housing, and Urban Affairs | House - Banking, Currency, and Housing|
|Committee Reports:||S.Rept 94-410; H.Rept 94-667; H.Rept 94-769|
|Latest Action:||01/02/1976 Public law 94-205. (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- Resolving Differences
- To President
- Became Law
Summary: S.2327 — 94th Congress (1975-1976)All Information (Except Text)
(Conference report filed in House, H. Rept. 94-769)
Conference report filed in House (12/19/1975)
Real Estate Settlement Procedures Act Amendments - Provides, under the Real Estate Settlement Procedures Act, that the definition of "federally related mortgage loan" shall not include any construction loan, second trust, and a mortgage eligible for purchase by, but not intended to be sold do, the Government National Mortgage Association, Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation.
Allows the deletion from the uniform settlement statement, required under such Act, of items inapplicable under local law and custom. Requires such settlement statement to be provided to the borrower by the person conducting the settlement at or before settlement, but permits the Secretary of Housing and Urban Development to exempt specified kinds of settlements from such requirement if such settlements occur in areas where the settlement statement was not customarily provided at or before the date of settlement or if the requirement was impractical. Provides that, upon the request of the borrower to inspect such statement during the business day immediately preceding the day of settlement, the person who conducts the settlement shall permit the borrower to inspect those items which are known to such person during such preceding day.
Requires that the special information booklets designed to explain the nature and costs of real estate settlement services should include good faith estimates of the amount of range of charges for specific settlement services the borrower is likely to incur.
Repeals provisions of such Act which require that the uniform settlement statement itemizing closing costs be given to the borrower at the time of the loan commitment or at least twelve calendar days prior to settlement.
Provides that, in addition to amounts required for the payment of taxes, insurance premiums, and other charges due at settlement, the buyer shall not be required at settlement to place in an escrow account more than one-sixth of the estimated total amount of such taxes, insurance premiums, and other charges payable within the twelve-month period beginning on the date of settlement.
Repeals provisions of the Truth-in-Lending Act which requires a full statement of closing costs in connection with consumer and home mortgage loans.