Regulation of Mortgage Servicing Act of 2013

Summary

Regulation of Mortgage Servicing Act of 2013 - Requires a mortgage servicer to assign one case manager to each borrower that seeks a mortgage loan modification or an alternative to foreclosure. Requires the case manager to: (1) manage the communication between the servicer and the borrower, and (2) make decisions about the borrower's eligibility for a loan modification or an alternative to foreclosure. Prohibits a servicer from initiating a covered foreclosure action against a borrower unless the servicer has performed specified tasks related to offering the borrower, if eligible, a loan modification or an alternative to foreclosure. Requires a servicer to suspend a covered foreclosure action initiated before the enactment of this Act until such tasks have been performed. Prohibits a servicer, during the suspension period, from: (1) sending the borrower a notice of foreclosure, (2) conducting or scheduling a sale of the real property securing the mortgage, or (3) causing final judgment to be entered against the borrower. Prescribes requirements a servicer must meet in order to be deemed to have made a reasonable effort to obtain necessary information to determine a borrower's eligibility for a loan modification or an alternative to foreclosure. Requires a servicer, before notifying a borrower of his or her ineligibility for a loan modification or an alternative to foreclosure, to obtain the services of an independent reviewer to review the borrower's file and determine whether or not the borrower is eligible. Makes a violation of this Act a bar to a covered foreclosure action. Allows a servicer in compliance with this Act, however, to bring or proceed with a foreclosure action, regardless of any prior violation. Makes any servicer that fails to comply with any requirement of this Act liable to a borrower in the same manner that a creditor who fails to comply with any requirement is liable to a person.

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Timeline

1. 26 June 2013

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 26 June 2013

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 June 2013

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 26 June 2013 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 June 2013

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 June 2013

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 26 June 2013

  Open at official source

Sponsors

• Rosa DeLauro · D · Sponsor
• James McGovern · D · Cosponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Cosponsor
• David Cicilline · D · Cosponsor
• Rep. Michaud, Michael H. [D-ME-2] · D · Cosponsor
• Mark Takano · D · Cosponsor
• Rep. Bonamici, Suzanne [D-OR-1] · D · Cosponsor
• · hsba00 · Standing

Related records

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