US HR3971

Bill

Community Institution Mortgage Relief Act of 2017

Introduced
09/07/2017

In Committee
10/12/2017

Crossed Over
12/13/2017

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Community Institution Mortgage Relief Act of 2017 (Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $10 billion or less that holds the loan on its balance sheet for three years after its origination. A creditor shall be deemed to have complied with the three-year balance sheet requirement if it transfers a loan by reason of its bankruptcy or failure, the purchase of it by another, or by a supervisory act or recommendation from a state or federal regulator. The Consumer Financial Protection Bureau is required to exempt mortgage servicers that service 20,000 or fewer mortgage loans from requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts.

AI Summary

This bill, the Community Institution Mortgage Relief Act of 2017, amends the Truth in Lending Act to create a safe harbor from the requirement for an escrow or impound account for the payment of taxes and hazard insurance for mortgage loans made by creditors with consolidated assets of $10 billion or less, as long as the creditor holds the loan on its balance sheet for the first three years after origination. The bill also requires the Consumer Financial Protection Bureau to exempt mortgage servicers that service 20,000 or fewer mortgage loans from certain requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts, in order to reduce regulatory burdens for smaller financial institutions.

Committee Categories

Business and Industry, Housing and Urban Affairs

Sponsors (5)

Claudia Tenney (R)*, David Loebsack (D), Pete Sessions (R), Brad Sherman (D), Roger Williams (R),

Last Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 12/13/2017)

Official Document

https://www.congress.gov/bill/115th-congress/house-bill/3971/all-info

(4 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/house-bill/3971/all-info
BillText	https://www.congress.gov/115/bills/hr3971/BILLS-115hr3971eh.pdf
Bill	https://www.congress.gov/115/bills/hr3971/BILLS-115hr3971eh.pdf.pdf
BillText	https://www.congress.gov/115/bills/hr3971/BILLS-115hr3971rh.pdf
Bill	https://www.congress.gov/115/bills/hr3971/BILLS-115hr3971rh.pdf.pdf
BillText	https://www.congress.gov/115/bills/hr3971/BILLS-115hr3971ih.pdf
Bill	https://www.congress.gov/115/bills/hr3971/BILLS-115hr3971ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR10	Financial CHOICE Act of 2017	Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.	Related
HR3280	Financial Services and General Government Appropriations Act, 2018	Committee on Appropriations Senate Subcommittee on Financial Services and General Government. Hearings held on the subject prior to measure being received from the House. Hearings printed: S. Hrg. 115-191.	Related
HR3354	Interior and Environment, Agriculture and Rural Development, Commerce, Justice, Science, Financial Services and General Government, Homeland Security, Labor, Health and Human Services, Education, State and Foreign Operations, Transportation, Housing and Urban Development, Defense, Military Construction and Veterans Affairs, Legislative Branch, and Energy and Water Development Appropriations Act, 2018 Make America Secure and Prosperous Appropriations Act, 2018	Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 230.	Related
HRes647	Providing for consideration of the bill (H.B. 477) to amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies; providing for consideration of the bill (H.B. 3971) to amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the requirements for community financial institutions with respect to certain rules relating to mortgage loans, and	Motion to reconsider laid on the table Agreed to without objection.	Related

Bill > HR3971

US HR3971

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (5)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary