This bill regulates closing costs for debts secured by land, allowing certain fees if they are reasonable and bona fide.

This bill modifies the rules for closing costs on debts secured by an interest in land. It allows creditors to charge certain fees if they are bona fide, reasonable, and not used to evade regulations. Specifically, it permits fees listed in certain sections of the Code, except when a mortgage banker makes a consumer loan where the total points and fees do not exceed federal limits. The bill also allows for discount points that reduce the interest rate or time-price differential.

This bill regulates closing costs for debts secured by land, allowing certain fees if they are reasonable and bona fide.

This bill modifies the rules for closing costs on debts secured by an interest in land. It allows creditors to charge certain fees if they are bona fide, reasonable, and not used to evade regulations. Specifically, it permits fees listed in certain sections of the Code, except when a mortgage banker makes a consumer loan where the total points and fees do not exceed federal limits. The bill also allows for discount points that reduce the interest rate or time-price differential.