Community Institution Mortgage Relief Act of 2015

Bill: 114-hr-1529
Sponsor: full_name: Rep. Sherman, Brad [D-CA-30]
Introduced: 2015-03-23
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
Latest action: action_date: 2015-04-06
text: Placed on the Union Calendar, Calendar No. 38.

Summaries:
action_date: 2015-03-23
action_desc: Introduced in House
text: <p><b>Community Institution Mortgage Relief Act of 2015</b></p> <p>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.</p> <p>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.</p> <p>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.</p>

action_date: 2015-04-06
action_desc: Reported to House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><b>Community Institution Mortgage Relief Act of 2015</b></p> <p>(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.</p> <p>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.</p> <p>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.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 1529 IN THE HOUSE OF REPRESENTATIVES March 23, 2015 Mr. Sherman (for himself and Mr. Luetkemeyer ) introduced the following bill; which was referred to the Committee on Financial Services A BILL 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 for other purposes.

1. Short title This Act may be cited as the Community Institution Mortgage Relief Act of 2015 . 2. Community financial institution mortgage relief (a) Exemption from escrow requirements for loans held by smaller creditors Section 129D of the Truth in Lending Act ( 15 U.S.C. 1639d ) is amended— (1) by adding at the end the following: (k) Safe harbor for loans held by smaller creditors (1) In general A creditor shall not be in violation of subsection (a) with respect to a loan if— (A) the creditor has consolidated assets of $10,000,000,000 or less; and (B) the creditor holds the loan on the balance sheet of the creditor for the 3-year period beginning on the date of the origination of the loan. (2) Exception for certain transfers In the case of a creditor that transfers a loan to another person by reason of the bankruptcy or failure of the creditor, the purchase of the creditor, or a supervisory act or recommendation from a State or Federal regulator, the creditor shall be deemed to have complied with the requirement under paragraph (1)(B). ; and (2) by striking the term Board each place such term appears and inserting Bureau . (b) Modification to exemption for small servicers of mortgage loans Section 6 of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2605 ) is amended by adding at the end the following: (n) Small Servicer Exemption The Bureau shall, by regulation, provide exemptions to, or adjustments for, the provisions of this section for a servicer that annually services 20,000 or fewer mortgage loans, in order to reduce regulatory burdens while appropriately balancing consumer protections. .

tv_txt: IB Union Calendar No. 38 114th CONGRESS 1st Session H. R. 1529 [Report No. 114–57] IN THE HOUSE OF REPRESENTATIVES March 23, 2015 Mr. Sherman (for himself and Mr. Luetkemeyer ) introduced the following bill; which was referred to the Committee on Financial Services April 6, 2015 Additional sponsor: Mr. Posey April 6, 2015 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL 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 for other purposes.

1. Short title This Act may be cited as the Community Institution Mortgage Relief Act of 2015 . 2. Community financial institution mortgage relief (a) Exemption from escrow requirements for loans held by smaller creditors Section 129D of the Truth in Lending Act ( 15 U.S.C. 1639d ) is amended— (1) by adding at the end the following: (k) Safe harbor for loans held by smaller creditors (1) In general A creditor shall not be in violation of subsection (a) with respect to a loan if— (A) the creditor has consolidated assets of $10,000,000,000 or less; and (B) the creditor holds the loan on the balance sheet of the creditor for the 3-year period beginning on the date of the origination of the loan. (2) Exception for certain transfers In the case of a creditor that transfers a loan to another person by reason of the bankruptcy or failure of the creditor, the purchase of the creditor, or a supervisory act or recommendation from a State or Federal regulator, the creditor shall be deemed to have complied with the requirement under paragraph (1)(B). ; and (2) by striking the term Board each place such term appears and inserting Bureau . (b) Modification to exemption for small servicers of mortgage loans Section 6 of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2605 ) is amended by adding at the end the following: (n) Small Servicer Exemption The Bureau shall, by regulation, provide exemptions to, or adjustments for, the provisions of this section for a servicer that annually services 20,000 or fewer mortgage loans, in order to reduce regulatory burdens while appropriately balancing consumer protections. .

April 6, 2015 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed