Home Affordability Through Mortgage Simplification Act
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.
The Home Affordability Through Mortgage Simplification Act aims to update mortgage disclosure rules to make them more straightforward and less complicated. It plans to set clearer guidelines on what information is important (materiality standards), create safe zones for disclosures (safe harbors), and make the waiting periods for mortgage applications simpler. Additionally, it expands the acceptable range for the accuracy of the Annual Percentage Rate (APR) on mortgages.
This bill would primarily impact homebuyers and lenders. By simplifying mortgage disclosures and reducing unnecessary complexity, it could make the mortgage application process easier and more transparent for consumers, potentially lowering costs and improving efficiency for lenders.
As of June 25, 2026, the bill has been introduced in the House and referred to the House Committee on Financial Services. It is at the initial stage of the legislative process, awaiting further review and potential action from the committee.
