Community Institution Mortgage Relief Act of 2017
USA115th CongressHR-3971| House
| Updated: 12/13/2017
Claudia Tenney
Republican Representative
New York
Cosponsors (4)
Consumer Protection and Financial Institutions Subcommittee, Financial Services Committee, Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Community Institution Mortgage Relief Act of 2017 (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.
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Timeline
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 41 - 19.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 319.
Reported by the Committee on Financial Services. H. Rept. 115-432.
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
Considered under the provisions of rule H. Res. 647. (consideration: CR H9799-9808)
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
DEBATE - The House proceeded with one hour of debate on H.R. 3971.
DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.
Ms. Titus moved to recommit with instructions to the Committee on Financial Services. (text: CR H9807)
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.
The previous question on the motion to recommit with instructions was ordered without objection.
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.
Considered as unfinished business. (consideration: CR H9828-9830)
On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 233 (Roll no. 674).
View VoteOn passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675). (text: CR H9799)
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Administrative law and regulatory proceduresBanking and financial institutions regulationConsumer creditConsumer Financial Protection BureauHousing finance and home ownership
Community Institution Mortgage Relief Act of 2017
USA115th CongressHR-3971| House
| Updated: 12/13/2017
Community Institution Mortgage Relief Act of 2017 (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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 41 - 19.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 319.
Reported by the Committee on Financial Services. H. Rept. 115-432.
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
Considered under the provisions of rule H. Res. 647. (consideration: CR H9799-9808)
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
DEBATE - The House proceeded with one hour of debate on H.R. 3971.
DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.
Ms. Titus moved to recommit with instructions to the Committee on Financial Services. (text: CR H9807)
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.
The previous question on the motion to recommit with instructions was ordered without objection.
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.
Considered as unfinished business. (consideration: CR H9828-9830)
On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 233 (Roll no. 674).
View VoteOn passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675). (text: CR H9799)
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Claudia Tenney
Republican Representative
New York
Cosponsors (4)
Consumer Protection and Financial Institutions Subcommittee, Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Related Bills
- HR 115-3280: Financial Services and General Government Appropriations Act, 2018
- HRES 115-647: Providing for consideration of the bill (H.R. 477) to amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies; providing for consideration of the bill (H.R. 3971) to amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the requirements for community financial institutions with respect to certain rules relating to mortgage loans, and for other purposes; and providing for consideration of the joint resolution (H.J. Res. 123) making further continuing appropriations for fiscal year 2018, and for other purposes.
- HR 115-10: Financial CHOICE Act of 2017
- HR 115-3354: Make America Secure and Prosperous Appropriations Act, 2018
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Administrative law and regulatory proceduresBanking and financial institutions regulationConsumer creditConsumer Financial Protection BureauHousing finance and home ownership