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Bill114th CongressFiled Mar 23, 2015Finance and Financial Sector
H.R. 1529

Community Institution Mortgage Relief Act of 2015

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary reported to house without amendment (Apr 6, 2015)

(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.

What just happenedApr 6, 2015

Placed on the Union Calendar, Calendar No. 38.

Who’s behind it

Rep. Sherman, Brad [D-CA-30](D-CA)Sponsor
2 cosponsors2 R
Read on Congress.gov
2cosponsors1committees9actions2related bills5subjects
  1. Apr 6, 2015CalendarsH12410

    Placed on the Union Calendar, Calendar No. 38.

  2. Apr 6, 2015CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 114-57.

    Financial Services Committee
  3. Apr 6, 2015Committee5000

    Reported by the Committee on Financial Services. H. Rept. 114-57.

    Financial Services Committee
  4. Mar 26, 2015Committee

    Ordered to be Reported by the Yeas and Nays: 48 - 10.

    Financial Services Committee
  5. Mar 26, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  6. Mar 25, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  7. Mar 23, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  8. Mar 23, 2015IntroReferralIntro-H

    Introduced in House

  9. Mar 23, 2015IntroReferral1000

    Introduced in House

Reported to House without amendmentApr 6, 201579

(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.

Introduced in HouseMar 23, 2015

Community Institution Mortgage Relief Act of 2015

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.

Community Institution Mortgage Relief Act of 2015 — Informed