H.R. 3971 · 115th Congress
Community Institution Mortgage Relief Act of 2017
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4 cosponsors · 2 D, 2 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Oct 5, 2017
- House Passed Dec 12, 2017 294–129
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.
What it does: CRS summary · Passed House amended · Dec 12, 2017
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
Votes to become law
About this bill and sources
Official title: Community Institution Mortgage Relief Act of 2017
Latest action (Dec 13, 2017): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Oct 5, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML) · Embed in your story
- House Introduced Oct 5, 2017
- House Passed Dec 12, 2017 294–129
Final vote · House · Dec 12, 2017
Passage — Passed. Vote details
Speaker of the House: Paul D. Ryan
Table of every position
All recorded votes (2)
- Passage Passed
House · Dec 12, 2017 · “On Passage” · Speaker: Paul D. Ryan - Sending back to committee (motion to recommit) Failed
House · Dec 12, 2017 · “On Motion to Recommit with Instructions” · Speaker: Paul D. Ryan