Consumer Mortgage Choice Act

[AI summary unavailable — showing source text] Consumer Mortgage Choice Act - Amends the Truth in Lending Act with respect to requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is not a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% percent of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.) Excludes from the computation of such points and fees: (1) the amount of any loan level price adjustment payment set by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal Housing Administration (FHA), or similar government entity or government-sponsored enterprise; (2) any compensation paid by a mortgage originator or a creditor to an individual person employed by the mortgage originator or creditor; and (3) any escrow for future payment of insurance. Modifies the inclusion…