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.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2015-04-06 | Calendars | Placed on the Union Calendar, Calendar No. 38. | House floor actions |
| 2015-04-06 | Committee | Reported by the Committee on Financial Services. H. Rept. 114-57. | House floor actions |
| 2015-03-26 | Committee | Ordered to be Reported by the Yeas and Nays: 48 - 10. | House committee actions |
| 2015-03-26 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2015-03-25 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2015-03-23 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2015-03-23 | IntroReferral | Introduced in House | Library of Congress |