To amend the definition of mortgage originator under the Dodd-Frank Wall Street Reform and Consumer Protection Act to include certain employees of a retailer of manufactured homes.

Amends the Mortgage Reform and Anti-Predatory Lending Act, title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to reverse the exclusion from treatment as a mortgage originator, and recognize as a mortgage originator, an employee of a retailer of manufactured homes who receives compensation or gain for taking a residential mortgage loan application, assisting a consumer in obtaining or applying to obtain a residential mortgage loan, or offering or negotiating the terms of such a loan, if the compensation or gain exceeds that received in a comparable cash transaction.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6694 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6694

  To amend the definition of mortgage originator under the Dodd-Frank 
   Wall Street Reform and Consumer Protection Act to include certain 
             employees of a retailer of manufactured homes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 20, 2012

 Mr. Fincher introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the definition of mortgage originator under the Dodd-Frank 
   Wall Street Reform and Consumer Protection Act to include certain 
             employees of a retailer of manufactured homes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MORTGAGE ORIGINATOR DEFINITION.

    (a) Amendment to Definition.--Section 1401 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act is amended, in paragraph 
(2)(C)(ii) of the matter proposed to be added to section 103 of the 
Truth in Lending Act, by striking ``who is not described in clause (i) 
or (iii) of subparagraph (A) and who does not advise a consumer on loan 
terms (including rates, fees, and other costs)'' and inserting ``unless 
such employee receives compensation or gain for engaging in activities 
described in subparagraph (A) that is in excess of any compensation or 
gain received in a comparable cash transaction''.
    (b) Technical Amendments.--(1) Section 1401 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act is amended, in the matter 
proposed to be added to section 103 of the Truth in Lending Act, by 
redesignating subsection (cc) as subsection (dd).
    (2) Section 1431(d) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended--
            (A) by striking ``subsection (cc)'' and inserting 
        ``subsection (dd)''; and
            (B) in the matter proposed to be added to section 103 of 
        the Truth in Lending Act by redesignating subsection (dd) as 
        subsection (ee).
                                 <all>