United States 112th Congress Status: Died 1 R cosponsors

HR 2509 — Preserving Consumers' Mortgage Origination Choices Act of 2011

Last action — Referred to the Subcommittee on Financial Institutions and Consumer Credit.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Preserving Consumer's Mortgage Origination Choices Act of 2011 - Amends the Truth in Lending Act (TILA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to provide that no provision of TILA shall be construed as prohibiting a mortgage broker from compensating a mortgage originator based on the principal amount of the loan, when compensation is paid directly or indirectly to the mortgage broker by the consumer in connection with such transaction. Authorizes a mortgage originator, when requested by a borrower as the originator is producing a mortgage, to forfeit or contribute toward bona fide third party expenses or origination fees up to 30% of earned compensation to avoid making a high-cost mortgage to a consumer, to make technical corrections, or for any other reason that results in a lower cost to the consumer than if such forfeiture or contribution did not take place.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 2509 on the official United States source →

Action History

  1. Referred to the Subcommittee on Financial Institutions and Consumer Credit.

  2. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

finance housing
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Frequently asked questions

What does HR 2509 do?
Preserving Consumer's Mortgage Origination Choices Act of 2011 - Amends the Truth in Lending Act (TILA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to provide that no provision of TILA shall be construed as prohibiting a mortgage broker from compensating a mortgage originator based on the principal amount of the loan, when compensation is paid directly or indirectly to the mortgage broker by the consumer in connection with such transaction. Authorizes a mortgage originator, when requested by a borrower as the originator is producing a mortgage, to forfeit or contribute toward bona fide third party expenses or origination fees up to 30% of earned compensation to avoid making a high-cost mortgage to a consumer, to make technical corrections, or for any other reason that results in a lower cost to the consumer than if such forfeiture or contribution did not take place.
Who sponsors HR 2509?
HR 2509 is sponsored by Gary Miller (Republican).
What is the current status of HR 2509?
This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 2509?
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Last checked for changes about 13 hours ago · updated continuously

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