Home Affordability Through Mortgage Simplification Act

Under Section 2, adding paragraph (1)(C)(ii), clerical or typographical errors in origination charges of up to $25 are excused if documented, while expressly preserving the consumer's right to restitution for any resulting financial harm. This protects everyday folks from being penalized over minor paperwork mistakes while still keeping a path open to get their money back if harmed.

Under Section 2, adding paragraph (3), a consumer is allowed to waive the 3-day closing disclosure waiting period for a corrected disclosure. This gives regular people the personal choice to speed up their home buying process if they want to.

Under Section 3, amending Section 107(c), creditors are permitted to cure an inaccurate annual percentage rate through post-consummation adjustments and restitution. This ensures that the consumer pays no more over the life of the loan than what would have been paid at the originally disclosed rate, protecting people from overpaying due to math errors.

Under Section 4, adding subsection (n)(1), creditors are given a 60-day window to fix a first-time violation after receiving written notice from a regulator, provided no prior notice occurred in the preceding 36 months. This encourages companies to fix their mistakes promptly for consumers without necessarily slapping immediate civil penalties on them, though consumer restitution rights remain protected.

Under Section 2, adding paragraph (1)(A), a creditor is considered to have provided a good faith loan estimate of closing costs as long as the aggregate closing costs do not exceed the disclosed amount by the greater of $500 or 5 percent of all third-party fees and charges. This means individuals could end up paying up to $500 or 5 percent more in unexpected closing costs at the closing table than they were originally told.

Under Section 2, adding paragraph (4)(A), a creditor can issue up to 2 revised loan estimates for non-material changes without needing to show a changed circumstance. This might cause confusion for regular home buyers who receive multiple changing estimates during their home buying process.

Under Section 4, adding subsection (m), no creditor shall be liable for a violation if they acted or omitted an act in good-faith reliance on guidance issued by the Bureau. This could make it harder for regular people to hold a creditor accountable if the Bureau's guidance itself was flawed or caused negative financial outcomes for the consumer.