Community Institution Mortgage Relief Act of 2017
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 $25 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 30,000 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 |
|---|---|---|---|
| 2017-12-13 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2017-12-12 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2017-12-12 | Vote | On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675). (text: CR H9799) | House floor actions |
| 2017-12-12 | Vote | On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 233 (Roll no. 674). | House floor actions |
| 2017-12-12 | Floor | Considered as unfinished business. (consideration: CR H9828-9830) | House floor actions |
| 2017-12-12 | Floor | POSTPONED PROCEEDINGS - At the conclusion of debate on the Titus motion to recommit, the Chair put the question on passage of the motion to recommit, and by voice vote announced that the noes had prevailed. Ms. Titus demanded the yeas and nays and the Chair postponed further proceedings on the motion to recommit until later in the legislative day. | House floor actions |
| 2017-12-12 | Floor | The previous question on the motion to recommit with instructions was ordered without objection. | House floor actions |
| 2017-12-12 | Floor | DEBATE - The House proceeded with 10 minutes of debate on the Titus motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding a new section pertaining to Protecting Consumers from Excessive Housing Costs and Predatory Lenders. | House floor actions |
| 2017-12-12 | Floor | Ms. Titus moved to recommit with instructions to the Committee on Financial Services. (text: CR H9807) | House floor actions |
| 2017-12-12 | Floor | DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1. | House floor actions |
| 2017-12-12 | Floor | DEBATE - The House proceeded with one hour of debate on H.R. 3971. | House floor actions |
| 2017-12-12 | Floor | Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion | House floor actions |
| 2017-12-12 | Floor | Considered under the provisions of rule H. Res. 647. (consideration: CR H9799-9808) | House floor actions |
| 2017-12-06 | Floor | Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion | House floor actions |
| 2017-11-30 | Calendars | Placed on the Union Calendar, Calendar No. 319. | House floor actions |
| 2017-11-30 | Committee | Reported by the Committee on Financial Services. H. Rept. 115-432. | House floor actions |
| 2017-10-12 | Committee | Ordered to be Reported by the Yeas and Nays: 41 - 19. | House committee actions |
| 2017-10-12 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2017-10-11 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2017-10-05 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2017-10-05 | IntroReferral | Introduced in House | Library of Congress |
| 2017-09-07 | Committee | Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral. | House committee actions |