To amend the Real Estate Settlement Procedures Act of 1974 to provide protections to borrowers, and for other purposes.
National Homeowners Bill of Rights Act of 2017
This bill requires servicers of federally related mortgage loans to (1) establish for each borrower's account a single electronic record accessible throughout the servicer and available to all relevant staff; (2) maintain a website where borrowers may check their estimated net present value; and (3) provide free interpretation services to borrowers.
The bill also (1) establishes a loan-modification process to reduce the payments of eligible borrowers, (2) directs the Consumer Financial Protection Bureau to appoint a Mortgage Servicer Ombudsman, and (3) establishes certain limits on foreclosure sales.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR H5096)
Referred to the House Committee on Financial Services.
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