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enefits of each product offered, discussed or referred to, nature of
originator’s relationship with consumer and cost of services provided by
originator and statement the originator is not acting as agent for consumer,
relevant conflicts of interest
• certify to creditor that mortgage originator has fulfilled all requirements under
this section
• include in loan documents any unique identifier of mortgage originator provided
by Nationwide Mortgage Licensing System and Registry
9003 Prohibition of steering incentives
9004 Liability
Maximum liability of mortgage originator for violation of this section not to exceed
3X total amount of direct or indirect compensation or gain to the originator from the
mortgage loan involved In the transaction, plus consumer’s cost of the action
(including attorney’s fee).
9005 Regulations
TILA amended to provide that the federal banking agencies, by jointly-issued
regulations, may prohibit or condition terms, acts or practices relating to residential
mortgage loans that agencies find to be unfair abusive, deceptive, predatory,
inconsistent with reasonable underwriting standards as necessary or proper to assure
that responsible affordable mortgage credit remains available to consumers.
Regulations to be issued in final form within 12 months of enactment and to take
effect 18 months after enactment.
9006 Study of shared appreciation mortgages
Conducted by HUD Secretary in consultation with Secretary of Treasury and other
relevant agencies
Subtitle B – Minimum Standards for Mortgages
9105 Defense of foreclosure
Solari Report - Notes on
Wall Street Reform and Consumer Protection Act
of 2009 (HR 4173)
Truth in Lending Act (“TILA”) right of rescission available against the originator of a
loan or its assignee is available against the holder of a mortgage loan in judicial or
non-judicial foreclosure. If the foreclosure is begun after the time period for
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