H.R. 1529
IntroducedCommunity Institution Mortgage Relief Act of 2015
Latest Action
Placed on the Union Calendar, Calendar No. 38.
4/6/2015 • House
Summary
(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 2015
(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.
Reported to House without amendment • 4/6/2015
Topics & Subjects
CBO Cost Estimates (1)
Congressional Votes (0)
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Roll call votes will appear here as the bill moves through Congress
Related Federal Spending
Sponsor & Cosponsors (3)
Party Breakdown
Sponsor
Cosponsors (2)
Bill Journey
Originated in the House
Introduced
March 23, 2015
Committee Review
March 25, 2015
Committee Consideration and Mark-up Session Held.
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law