Community Institution Mortgage Relief Act of 2015

Summary

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.

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Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 6 April 2015

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• Reported in House (PDF)

  Reported in House · EN · 6 April 2015

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• Reported to House without amendment

  summary · EN · 6 April 2015

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• Introduced in House (text)

  Introduced in House · EN · 23 March 2015

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• Introduced in House (PDF)

  Introduced in House · EN · 23 March 2015

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• Introduced in House

  summary · EN · 23 March 2015

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