Private Mortgage Insurance Technical Corrections and Clarification Act

Summary

Private Mortgage Insurance Technical Corrections and Clarification Act - Amends the Homeowners Protection Act of 1998, with respect to the definition of " cancellation date" to replace "amortization schedules" with, and define,"amortization schedule then in effect" for purposes of adjustable rate mortgages. Includes balloon mortgages within the definition of "adjustable rate mortgages." States that if a residential mortgage loan is modified (with mortgagor-mortgagee agreement) the cancellation date, termination date, or final agreement shall be recalculated to reflect such modifications. (Sec. 4) Extends mortgage insurance cancellation rights beyond the cancellation date for a qualifying borrower who is current on required payments. (Sec. 5) Revises the automatic termination date with respect to a mortgagor who is not current on payments as of the mortgage termination date. States that the cancellation or termination of private mortgage insurance shall not affect the rights of any mortgagee, servicer, or insurer to enforce any accrued obligation for premium payments. (Sec. 6) Revises specified definitions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 10 February 2000

   Introduced

   Referred to the House Committee on Banking and Financial Services.

   Source: IntroReferral

2. 10 February 2000

   Introduced

   Introduced in House

   Source: IntroReferral

3. 10 February 2000

   Introduced

   Introduced in House

   Source: IntroReferral

4. 23 May 2000

   Passed

   Motion to reconsider laid on the table Agreed to without objection.

   Source: Floor

5. 23 May 2000

   Passed

   On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3578-3579)

   Source: Floor

6. 23 May 2000

   Passed

   Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H3578-3579)

   Source: Floor

7. 23 May 2000

   Floor

   DEBATE - The House proceeded with forty minutes of debate on H.R. 3637.

   Source: Floor

8. 23 May 2000

   Floor

   Considered under suspension of the rules. (consideration: CR H3578-3581)

   Source: Floor

9. 23 May 2000

   Floor

   Mrs. Roukema moved to suspend the rules and pass the bill.

   Source: Floor

10. 24 May 2000

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Referred in Senate · 24 May 2000 · Official file
• Engrossed in House · 23 May 2000 · Official file
• Introduced in House · 10 February 2000 · Official file

Documents

7 official files

• Referred in Senate (text)

  Referred in Senate · EN · 24 May 2000

  ViewDownloadOpen at official source

• Referred in Senate (PDF)

  Referred in Senate · EN · 24 May 2000

  ViewDownloadOpen at official source

• Engrossed in House (text)

  Engrossed in House · EN · 23 May 2000

  ViewDownloadOpen at official source

• Engrossed in House (PDF)

  Engrossed in House · EN · 23 May 2000

  ViewDownloadOpen at official source

• Introduced in House (text)

  Introduced in House · EN · 10 February 2000

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 10 February 2000

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 10 February 2000

  Open at official source

Sponsors

• Rep. Roukema, Marge [R-NJ-5] · R · Sponsor
• Rep. Leach, James A. [R-IA-1] · R · Sponsor
• Rep. LaFalce, John J. [D-NY-36] · D · Sponsor
• Rep. Vento, Bruce F. [D-MN-4] · D · Sponsor
• Rep. Lazio, Rick [R-NY-2] · R · Sponsor
• Rep. Frank, Barney [D-MA-4] · D · Sponsor
• Rep. Hansen, James V. [R-UT-1] · R · Sponsor
• · ssbk00 · Standing
• · hsba00 · Standing

Related records

No cross-record relationships stored yet.