Under current law, the Consumer Financial Protection Bureau (CFPB) requires mortgage lenders to disclose certain information regarding the terms and costs of home loans to consumers at the beginning and closing of mortgage transactions. H.R. 5953 would allow lenders offering residential mortgages to tax-exempt organizations at a zero percent interest rate to satisfy those disclosure requirements by instead filing three different disclosure forms if the loan is primarily for charitable purposes. The information on those three forms is generally included in the disclosures required under current law.
Using information from the CFPB, CBO estimates that enacting H.R. 5953 would increase direct spending by less than $500,000 for the agency to issue a rule to implement the changes to the disclosure requirements.
Because enacting H.R. 5953 would affect direct spending, pay-as-you-go procedures apply. Enacting the bill would not affect revenues.
CBO estimates that enacting H.R. 5953 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2029.
H.R. 5953 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.