S. 967 · 112th Congress
Regulation of Mortgage Servicing Act of 2011
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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MerkleySponsor17 cosponsors · 15 D, 1 R, 1 I
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Akaka
RB
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Blumenthal
RD
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Durbin
DI
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Inouye
JR
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Reed
BS
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Sanders
OS
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Snowe
JS
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Shaheen
RW
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Wyden
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Whitehouse
CL
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Levin
AF
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Franken
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McCaskill
JW
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Webb
AK
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Klobuchar
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Lautenberg
BM
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Menendez10 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Regulation of Mortgage Servicing Act of 2011 - Requires a mortgage servicer to assign one case manager to each borrower that seeks a mortgage loan modification or an alternative to foreclosure.
What it does: CRS summary · Introduced in Senate · May 12, 2011
Regulation of Mortgage Servicing Act of 2011 - Requires a mortgage servicer to assign one case manager to each borrower that seeks a mortgage loan modification or an alternative to foreclosure.
Requires the case manager to: (1) manage the communication between the servicer and the borrower, and (2) make decisions about the borrower's eligibility for a loan modification or an alternative to foreclosure.
Prohibits a servicer from initiating a foreclosure action against a borrower unless the servicer has performed specified tasks related to offering the borrower, if eligible, a loan modification or an alternative to foreclosure.
Requires a servicer to suspend a foreclosure action initiated before the enactment of this Act until such tasks have been performed.
Prohibits a servicer, during the suspension period, from: (1) sending the borrower a notice of foreclosure, (2) conducting or scheduling a sale of the real property securing the mortgage, or (3) causing final judgment to be entered against the borrower.
Prescribes requirements a servicer must meet in order to be deemed to have made a reasonable effort to obtain necessary information to determine a borrower's eligibility for a loan modification or an alternative to foreclosure.
Requires a servicer, before notifying a borrower of his or her ineligibility for a loan modification or an alternative to foreclosure, to obtain the services of an independent reviewer to review the borrower's file and determine whether or not the borrower is eligible.
Makes a violation of this Act a bar to a foreclosure action. Allows a servicer in compliance with this Act, however, to bring or proceed with a foreclosure action, regardless of any prior violation.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Regulation of Mortgage Servicing Act of 2011
Latest action (May 12, 2011): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Housing and Community Development · Origin: Senate · Introduced: May 12, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.