To amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the requirements for community financial institutions with respect to certain rules relating to mortgage loans, and for other purposes.
Community Institution Mortgage Relief Act of 2017
(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $10 billion or less that holds the loan on its balance sheet for three years after its origination.
A creditor shall be deemed to have complied with the three-year balance sheet requirement if it transfers a loan by reason of its bankruptcy or failure, the purchase of it by another, or by a supervisory act or recommendation from a state or federal regulator.
The Consumer Financial Protection Bureau is required to exempt mortgage servicers that service 20,000 or fewer mortgage loans from requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts.
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.
Committee on Appropriations Senate Subcommittee on Financial Services and General Government. Hearings held on the subject prior to measure being received from the House. Hearings printed: S. Hrg. 115-191.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 230.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 41 - 19.
Reported by the Committee on Financial Services. H. Rept. 115-432.
Reported by the Committee on Financial Services. H. Rept. 115-432.
Placed on the Union Calendar, Calendar No. 319.
Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
Considered under the provisions of rule H. Res. 647. (consideration: CR H9799-9808)
Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
DEBATE - The House proceeded with one hour of debate on H.R. 3971.
DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.
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Ms. Titus moved to recommit with instructions to the Committee on Financial Services. (text: CR H9807)
DEBATE - The House proceeded with 10 minutes of debate on the Titus motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding a new section pertaining to Protecting Consumers from Excessive Housing Costs and Predatory Lenders.
The previous question on the motion to recommit with instructions was ordered without objection.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Titus motion to recommit, the Chair put the question on passage of the motion to recommit, and by voice vote announced that the noes had prevailed. Ms. Titus demanded the yeas and nays and the Chair postponed further proceedings on the motion to recommit until later in the legislative day.
Considered as unfinished business. (consideration: CR H9828-9830)
On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 233 (Roll no. 674).
Roll Call #674 (House)Passed/agreed to in House: On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675).(text: CR H9799)
Roll Call #675 (House)On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675). (text: CR H9799)
Roll Call #675 (House)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.