HouseH.R. 9459119th Congress
Home Affordability Through Mortgage Simplification Act
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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9459 Introduced in House (IH)]
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119th CONGRESS
2d Session
H. R. 9459
To amend the Truth in Lending Act to modernize disclosure requirements,
establish materiality standards and safe harbors for mortgage
disclosures, simplify waiting period requirements, expand tolerances
for annual percentage rate accuracy, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 25, 2026
Mr. Fitzgerald introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Truth in Lending Act to modernize disclosure requirements,
establish materiality standards and safe harbors for mortgage
disclosures, simplify waiting period requirements, expand tolerances
for annual percentage rate accuracy, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Home Affordability Through Mortgage
Simplification Act''.
SEC. 2. REGULATORY REQUIREMENTS RELATED TO CERTAIN MORTGAGE
TRANSACTIONS.
Section 128 of the Truth in Lending Act (15 U.S.C. 1638) is amended
by adding at the end the following:
``(g) Regulatory Requirements Related to Certain Mortgage
Transactions.--
``(1) Aggregate variance standard for estimated closing
costs.--
``(A) In general.--For the purposes of meeting the
good faith loan estimate described in section 1026.19
of title 12, Code of Federal Regulations (or any
successor regulation), a creditor shall be deemed to
have provided a good faith loan estimate of closing
costs if the aggregate amount of closing costs the
borrower must pay at consummation does not exceed the
aggregate amount disclosed under subsection (a)(17) by
more than the greater of--
``(i) $500; or
``(ii) 5 percent of all third-party fees
and charges, excluding origination charges.
``(B) Individual fee variance.--No violation shall
be found based solely on an individual fee variance
that does not cause the aggregate variance described in
paragraph (1) to be exceeded.
``(C) Origination charges.--
``(i) In general.--Origination charges
shall not be included in calculating the
aggregate variance under this subsection and
remain subject to zero-tolerance limitations
applicable under regulations issued pursuant to
this Act.
``(ii) De minimis exception.--The zero-
tolerance limitations described in clause (i)
shall not apply to bona fide, non-intentional
clerical or typographical errors that--
``(I) are not more than $25;
``(II) the creditor documents such
error; and
``(III) expressly preserves the
consumer's right to restitution for any
resulting financial harm.
``(2) Waiting period reset.--The waiting period for
corrected disclosures as described in section 1026.19(a)(2) of
title 12, Code of Federal Regulations (or any successor
regulation), shall be reset only if--
``(A) the interest rate increases by more than
0.125 percentage points;
``(B) the loan product changes; or
``(C) a prepayment penalty is added.
``(3) Consumer waiver of disclosure period.--A consumer may
waive the 3-day closing disclosure waiting period for a
corrected disclosure as described in section 1026.19(f)(2)(iI)
of title 12, Code of Federal Regulations (or any successor
regulation).
``(4) Safe harbor for revised mortgage loan estimates.--
``(A) In general.--A creditor may issue not more
than 2 revised loan estimates for non-material changes
that do not increase the interest rate, change the loan
product type, or increase any origination charge,
without demonstrating a changed circumstance under
section 1026.19(e)(3)(iv) of title 12, Code of Federal
Regulations (or any successor regulation).
``(B) Delivery period.--Any revised loan estimate
as described in subparagraph (A) shall be delivered not
later than 7 days prior to consummation.
``(C) Tolerance reset.--Any revised loan estimate
as described in subparagraph (A) shall reset tolerances
only for fees affected by the specific non-material
change prompting the revision.
``(5) Reliance on settlement agents.--
``(A) In general.--A creditor shall not be liable
for inaccuracies in a closing disclosure described in
section 1026.19 of title 12, Code of Federal
Regulations (or any successor regulation), attributable
solely to a settlement agent if the creditor--
``(i) exercised reasonable diligence in
selecting the agent; and
``(ii) maintained reasonable oversight
procedures.
``(B) No limitation on right to restitution.--
Nothing in this subsection shall limit a consumer's
right to restitution for actual financial harm with
respect to inaccuracies in a closing disclosure.
``(C) Rules related to terms.--Not later than 180
days after the date of the enactment of this paragraph,
the Bureau shall issue rules to define `reasonable
diligence' and `reasonable oversight procedures' as
such terms are used in subparagraph (A), including
standards for vendor management, monitoring, and error
detection systems.
``(6) Rulemaking.--Not later than 180 days after the date
of the enactment of this subsection, the Bureau shall issue a
rule to revise section 1026.19 of title 12, Code of Federal
Regulations, to ensure consistency between such section and
this subsection.''.
SEC. 3. APR TOLERANCE EXPANSION AND CURE.
Section 107(c) of the Truth in Lending Act (15 U.S.C. 1606(c)) is
amended to read as follows:
``(c) Accuracy of Annual Percentage Rate.--
``(1) In general.--The annual percentage rate is accurate
for the purposes of this title if it does not vary from the
actual rate by more than 0.125 percentage points.
``(2) Curing inaccuracy.--A creditor may cure an inaccurate
annual percentage rate through post-consummation adjustment and
restitution that ensures the consumer pays no more over the
life of the loan than would have been paid at the disclosed
rate.''.
SEC. 4. RELIANCE ON GUIDANCE ISSUED BY THE BUREAU OF CONSUMER FINANCIAL
PROTECTION.
Section 130 of the Truth in Lending Act (15 U.S.C. 1640) is amended
by adding at the end the following:
``(m) Reliance on Bureau Guidance.--No creditor shall be liable for
a violation arising from an act done or omitted in good-faith reliance
on guidance issued by the Bureau.
``(n) Notice and Opportunity To Cure.--
``(1) First time violation.--No civil penalty may be
imposed for a first time violation under this title unless the
creditor fails to cure such violation within 60 days after
receiving written notice from a Federal or State regulator.
``(2) Restitution and private remedies for consumer.--
Nothing in this subsection affects a consumer's right to
restitution or private remedies.
``(3) First time violation defined.--In this subsection,
the term `first time violation' means the first written notice
from a Federal or State regulator that identifies a specific
violation under this title, for which--
``(A) no prior notice of the same violation issued
within the preceding 36-month period; and
``(B) a single pattern or practice affecting
multiple loans constitutes one violation for purposes
of this subsection if arising from the same underlying
error.''.
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