National Homeowners Bill of Rights Act of 2017 This bill requires servicers of federally related mortgage loans to (1) establish for each borrower's account a single electronic record accessible throughout the servicer and available to all relevant staff; (2) maintain a website where borrowers may check their estimated net present value; and (3) provide free interpretation services to borrowers. The bill also (1) establishes a loan-modification process to reduce the payments of eligible borrowers, (2) directs the Consumer Financial Protection Bureau to appoint a Mortgage Servicer Ombudsman, and (3) establishes certain limits on foreclosure sales.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Sponsor introductory remarks on measure. (CR H5096)
Introduced in House
Referred to the House Committee on Financial Services.
Sponsor introductory remarks on measure. (CR H5096)
Housing and Community Development
Administrative law and regulatory proceduresBusiness recordsCivil actions and liabilityConsumer affairsConsumer Financial Protection BureauDepartment of Housing and Urban DevelopmentExecutive agency funding and structureForeign language and bilingual programsGovernment information and archivesHousing finance and home ownershipInterest, dividends, interest ratesLawyers and legal servicesReal estate businessUser charges and fees
To amend the Real Estate Settlement Procedures Act of 1974 to provide protections to borrowers, and for other purposes.
USA115th CongressHR-3015| House
| Updated: 6/22/2017
National Homeowners Bill of Rights Act of 2017 This bill requires servicers of federally related mortgage loans to (1) establish for each borrower's account a single electronic record accessible throughout the servicer and available to all relevant staff; (2) maintain a website where borrowers may check their estimated net present value; and (3) provide free interpretation services to borrowers. The bill also (1) establishes a loan-modification process to reduce the payments of eligible borrowers, (2) directs the Consumer Financial Protection Bureau to appoint a Mortgage Servicer Ombudsman, and (3) establishes certain limits on foreclosure sales.
Administrative law and regulatory proceduresBusiness recordsCivil actions and liabilityConsumer affairsConsumer Financial Protection BureauDepartment of Housing and Urban DevelopmentExecutive agency funding and structureForeign language and bilingual programsGovernment information and archivesHousing finance and home ownershipInterest, dividends, interest ratesLawyers and legal servicesReal estate businessUser charges and fees