To amend the Truth in Lending Act to exempt certain creditors from the escrow account requirement for higher-priced mortgage loans, and for other purposes.

Summary

Amends the Truth in Lending Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to make an exemption from the requirement that a creditor in a non-credit card consumer credit transaction secured by a first lien on the principal dwelling (other than a reverse mortgage) establish an escrow or impound account for mandatory periodic payments or premiums (including taxes, insurance, and ground rents). Exempts a creditor with less than $1 billion in assets from: (1) this requirement when the consumer credit transaction has an annual percentage rate exceeding the average prime offer rate for a comparable transaction as of the date the interest rate is set by 1.5 or more percentage points; and (2) any other provision of such Act that requires the creditor to establish an escrow or impound account with respect to such a transaction.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 13 December 2011

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• Introduced in House (PDF)

  Introduced in House · EN · 13 December 2011

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• Introduced in House

  summary · EN · 13 December 2011

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