Fair Mortgage Practices Act of 2007

[AI summary unavailable — showing source text] Fair Mortgage Practices Act of 2007 - Prohibits any person, with certain exceptions, from engaging in the business of loan origination without first obtaining and maintaining a registration or a state license as a loan originator. Imposes on the federal banking agencies the sole responsibility for developing a system of registration for loan originators. Directs the Secretary of Housing and Urban Development (HUD) to establish a system for: (1) licensed loan originators; and (2) state-licensed mortgage originators. Amends the Truth in Lending Act to set forth: (1) disclosure requirements for consumer credit plans secured by the consumer's principal dwelling; and (2) consumer counseling requirements governing nontraditional mortgages. Expanding Housing Opportunities Through Education and Counseling Act - Amends the Department of Housing and Urban Development Act to: (1) establish the Office of Housing Counseling; and (2) direct the HUD Secretary to establish and monitor counseling procedures for home ownership counseling and rental housing counseling provided in connection with any HUD program. Amends the Housing and Urban Development Act of 1968 to instruct HUD to makes grants to s…