Bill > HR1529

This bill, the Community Institution Mortgage Relief Act of 2015, aims to ease regulatory burdens on smaller financial institutions regarding mortgage loans. It creates a "safe harbor," meaning a protected status, from certain requirements under the Truth in Lending Act, specifically related to setting up escrow or impound accounts for property taxes and hazard insurance. This exemption applies to mortgage loans made by creditors, which are lenders, that have consolidated assets of $10 billion or less and hold the loan on their own books for three years after it's originated. The bill also clarifies that creditors are still considered to have met this three-year holding requirement if the loan is transferred due to bankruptcy, failure, sale, or a regulatory directive. Additionally, the bill directs the Consumer Financial Protection Bureau (CFPB), a government agency that oversees financial products and services, to exempt mortgage servicers—companies that manage mortgage payments and escrow accounts—that handle 20,000 or fewer mortgage loans annually from certain rules under the Real Estate Settlement Procedures Act of 1974 (RESPA), which governs mortgage servicing and escrow account administration.