Scott Fitzgerald (R-WI)
Home Affordability Through Mortgage Simplification Act
A Republican bill with no cosponsors
Last activity — Referred to the House Committee on Financial Services.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill is called the Home Affordability Through Mortgage Simplification Act. It makes changes to the Truth in Lending Act regarding mortgage disclosures, waiting periods, and annual percentage rate accuracy. The bill establishes standard variance rules for estimated closing costs and sets guidelines for when waiting periods are reset. It allows consumers to waive certain disclosure waiting periods and provides safe harbors for revised mortgage loan estimates. Additionally, the bill covers creditor liability regarding settlement agents and Bureau of Consumer Financial Protection guidance.
Yes· 3 of 17
- Scored +3
Would business owners be better off under this?
Reduces compliance risks and provides cure periods for minor technical mortgage lending errors.
- Scored +3
Is this likely to grow the economy?
The bill streamlines mortgage regulations and reduces compliance friction, which may facilitate smoother real estate transactions.
- Scored +2
Would people in their twenties and thirties be better off under this?
Aids first-time home buyers by streamlining the mortgage closing and disclosure process.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Under Section 2, adding paragraph (1)(C)(ii), clerical or typographical errors in origination charges of up to $25 are excused if documented, while expressly preserving the consumer's right to restitution for any resulting financial harm. This protects everyday folks from being penalized over minor paperwork mistakes while still keeping a path open to get their money back if harmed.
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Under Section 2, adding paragraph (3), a consumer is allowed to waive the 3-day closing disclosure waiting period for a corrected disclosure. This gives regular people the personal choice to speed up their home buying process if they want to.
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Under Section 3, amending Section 107(c), creditors are permitted to cure an inaccurate annual percentage rate through post-consummation adjustments and restitution. This ensures that the consumer pays no more over the life of the loan than what would have been paid at the originally disclosed rate, protecting people from overpaying due to math errors.
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Under Section 4, adding subsection (n)(1), creditors are given a 60-day window to fix a first-time violation after receiving written notice from a regulator, provided no prior notice occurred in the preceding 36 months. This encourages companies to fix their mistakes promptly for consumers without necessarily slapping immediate civil penalties on them, though consumer restitution rights remain protected.
Potential Negative Impacts for People
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Under Section 2, adding paragraph (1)(A), a creditor is considered to have provided a good faith loan estimate of closing costs as long as the aggregate closing costs do not exceed the disclosed amount by the greater of $500 or 5 percent of all third-party fees and charges. This means individuals could end up paying up to $500 or 5 percent more in unexpected closing costs at the closing table than they were originally told.
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Under Section 2, adding paragraph (4)(A), a creditor can issue up to 2 revised loan estimates for non-material changes without needing to show a changed circumstance. This might cause confusion for regular home buyers who receive multiple changing estimates during their home buying process.
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Under Section 4, adding subsection (m), no creditor shall be liable for a violation if they acted or omitted an act in good-faith reliance on guidance issued by the Bureau. This could make it harder for regular people to hold a creditor accountable if the Bureau's guidance itself was flawed or caused negative financial outcomes for the consumer.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would business owners be better off under this? — Reduces compliance risks and provides cure periods for minor technical mortgage lending errors. Would people in middle age be better off under this? — Simplifies refinancing and home purchasing procedures for middle-aged households. Would middle-income households be better off under this? — Makes the mortgage closing process more flexible and efficient for home buyers. Would people in their twenties and thirties be better off under this? — Aids first-time home buyers by streamlining the mortgage closing and disclosure process. Would high-income households be better off under this? — Facilitates smoother real estate transactions for higher-value mortgages. Would people with substantial wealth be better off under this? — Provides regulatory clarity and safe harbors for mortgage creditors and investors. Would households on low incomes be better off under this? — Protects consumer restitution rights while introducing reasonable variance thresholds for closing costs. Would people in rural areas be better off under this? — Streamlines rural real estate transactions. Would people over 65 be better off under this? — Provides minor administrative efficiencies for residential mortgage transactions. Would people in cities be better off under this? — Streamlines urban real estate transactions.
- Economy And Finance
- Is this likely to grow the economy? — The bill streamlines mortgage regulations and reduces compliance friction, which may facilitate smoother real estate transactions. Does this make it easier to run a small business? — Reduces regulatory burdens and provides cure periods for minor compliance errors for mortgage lenders and creditors. Does this give people more protection from unfair business practices? — Preserves consumer restitution rights while simplifying disclosure and waiting period rules.
- Governance And Ideology
- Does this protect the right to fair treatment by the courts? — Provides creditors with notice-and-cure periods for first-time violations before civil penalties apply. Does this make it easier to do business across state lines? — Standardizes federal mortgage disclosure rules under the Truth in Lending Act. Does this give the federal government more power? — Directs the CFPB to issue new rules defining terms and revising regulations.
- Social Issues And Justice
- Does this make housing cost less? — Simplifies mortgage disclosure and waiting period rules, potentially accelerating the home buying process.
- 6/25/2026
- Referred to the House Committee on Financial Services.
- Introduced in House