Mortgage Fairness Act of 2015
This bill amends the Truth in Lending Act to revise points and fees under a high-cost mortgage which currently include all compensation paid directly or indirectly by a consumer or creditor to a mortgage originator from any source, including a mortgage originator that is also the creditor in a table-funded transaction.
"Table funding" means a settlement at which a loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. A table-funded transaction is not a transaction in the secondary mortgage.
Compensation from any source shall not include any compensation taken into account in settling the mortgage interest rate and for which there is no separate charge to the consumer.
Such compensation shall include, however, any other compensation paid directly or indirectly by a consumer or creditor to an individual employed by or contracting with the originator or a mortgage originator.