Community Institution Mortgage Relief Act of 2017

Bill: 115-hr-3971
Sponsor: Rep. Tenney, Claudia [R-NY-22]
Introduced: 2017-10-05 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Banking and financial institutions regulation
Consumer Financial Protection Bureau
Consumer credit
Housing finance and home ownership

Summary:
action_date: 2017-10-05
text: 

Community Institution Mortgage Relief Act of 2017

 
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 $25 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 30,000 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.

action_date: 2017-11-30
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

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 $25 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 30,000 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.

action_date: 2017-12-12
text: 

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.


Legislative actions:
action_date: 2017-12-13
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2017-12-12
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2017-12-12
text: On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675). (text: CR H9799)
action_date: 2017-12-12
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675).(text: CR H9799)
action_date: 2017-12-12
text: On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 233 (Roll no. 674).
action_date: 2017-12-12
text: Considered as unfinished business. (consideration: CR H9828-9830)
action_date: 2017-12-12
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Titus motion to recommit, the Chair put the question on passage of the motion to recommit, and by voice vote announced that the noes had prevailed. Ms. Titus demanded the yeas and nays and the Chair postponed further proceedings on the motion to recommit until later in the legislative day.
action_date: 2017-12-12
text: The previous question on the motion to recommit with instructions was ordered without objection.
action_date: 2017-12-12
text: DEBATE - The House proceeded with 10 minutes of debate on the Titus motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding a new section pertaining to Protecting Consumers from Excessive Housing Costs and Predatory Lenders.
action_date: 2017-12-12
text: Ms. Titus moved to recommit with instructions to the Committee on Financial Services. (text: CR H9807)
action_date: 2017-12-12
text: DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.
action_date: 2017-12-12
text: DEBATE - The House proceeded with one hour of debate on H.R. 3971.
action_date: 2017-12-12
text: Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
action_date: 2017-12-12
text: Considered under the provisions of rule H. Res. 647. (consideration: CR H9799-9808)
action_date: 2017-12-06
text: Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
action_date: 2017-11-30
text: Placed on the Union Calendar, Calendar No. 319.
action_date: 2017-11-30
text: Reported by the Committee on Financial Services. H. Rept. 115-432.
action_date: 2017-11-30
text: Reported by the Committee on Financial Services. H. Rept. 115-432.
action_date: 2017-10-12
text: Ordered to be Reported by the Yeas and Nays: 41 - 19.
action_date: 2017-10-12
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-11
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-05
text: Referred to the House Committee on Financial Services.
action_date: 2017-10-05
text: Introduced in House
action_date: 2017-10-05
text: Introduced in House
action_date: 2017-09-07
text: Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.