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115-hr-3971115th Congress

Community Institution Mortgage Relief Act of 2017

Sponsored By: Representative Tenney, Claudia [R-NY-24]

Unknown

Summary

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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Tenney, Claudia [R-NY-24]

NY • R

Cosponsors

  • Rep. Sherman, Brad [D-CA-32]

    CA • D

    Sponsored 10/5/2017

  • Rep. Williams, Roger [R-TX-25]

    TX • R

    Sponsored 10/5/2017

  • Rep. Loebsack, David [D-IA-2]

    IA • D

    Sponsored 10/23/2017

  • Rep. Sessions, Pete [R-TX-17]

    TX • R

    Sponsored 11/30/2017

Roll Call Votes

No roll call votes available for this bill.

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