HR 3971 · 115th Congress · Finance and Financial Sector
Community Institution Mortgage Relief Act of 2017
Bill Progress
1
Introduced✓
Committee✓
House Vote4
Senate5
EnactedLatest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2017-12-13)
Recorded Votes
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Plain Language Summary
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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.…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.R. 3971, Community Institution Mortgage Relief Act of 2017
Nov 30, 2017As ordered reported by the House Committee on Financial Services on October 12, 2017
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office
Cosponsors (4)
2 Democrats2 Republicans