SUMMARY AS OF:
5/22/2002--Introduced.
Mortgage Loan Consumer Protection Act - Amends the Truth in Lending Act, with
respect to credit extensions secured by a real property interest, to revise the
category of excluded finance charge items.
Amends the Real Estate Settlement Procedures Act, with respect to the uniform
settlement statement, to require: (1) separate lines for "closing costs,
"prepaid items," and "all other costs paid at closing"; (2) at least two days'
advance availability of the final settlement statement; and (3) disclosure of
all lender fees.
Provides, with respect to special information booklets, for: (1)
harmonization of good faith estimates and settlement statements; and (2)
inclusion of refinancing and upfront payment option information.
Prohibits markups and unearned fees.
Sets forth servicer escrow-related liabilities.
Revises damage and cost, and jurisdiction and statute of limitations
provisions.