H.R. 3971
Referred to CommitteeCommunity Institution Mortgage Relief Act of 2017
Latest Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
12/13/2017 • Senate
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.
Passed House amended • 12/12/2017
Topics & Subjects
CBO Cost Estimates (1)
Amendments (2)
This bill has 2 amendments proposed or adopted.
View all amendments on Congress.govCongressional Votes (2)
On Passage
December 12, 2017
On Motion to Recommit with Instructions
December 12, 2017
Related Federal Spending
Sponsor & Cosponsors (5)
Party Breakdown
Sponsor
Cosponsors (4)
Bill Journey
Originated in the House
Introduced
October 5, 2017
Committee Review
September 7, 2017
Floor Debate
December 12, 2017
Passed Chamber
December 12, 2017
Other Chamber
President
Failed
December 12, 2017
Text Versions (4)
Committee Reports (1)
Related Bills (4)
H.R. 10
Financial CHOICE Act of 2017
H.R. 3280
Financial Services and General Government Appropriations Act, 2018
H.R. 3354
Make America Secure and Prosperous Appropriations Act, 2018
H.Res. 647
Providing for consideration of the bill (H.R. 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.R. 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 for other purposes; and providing for consideration of the joint resolution (H.J. Res. 123) making further continuing appropriations for fiscal year 2018, and for other purposes.