To amend the Homeowners Protection Act of 1998 to make certain technical corrections.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Mrs. Roukema moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H3578-3581)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3637.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H3578-3579)
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3578-3579)
Motion 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.
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