Community Institution Mortgage Relief Act of 2015

Hozzl · 2023-01-11T13:27:44Z

Explore the details of House Bill 1529 Community Institution Mortgage Relief Act of 2015 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/11/2023, 1:27 PM

Congressional Summary of HR 1529

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Community Institution Mortgage Relief Act of 2015

(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.

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Current Status of Bill HR 1529

Bill HR 1529 is currently in the status of Bill Introduced since March 23, 2015. Bill HR 1529 was introduced during Congress 114 and was introduced to the House on March 23, 2015. Bill HR 1529's most recent activity was Placed on the Union Calendar, Calendar No. 38. as of April 6, 2015

Bipartisan Support of Bill HR 1529

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1529

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

Administrative law and regulatory proceduresBanking and financial institutions regulationConsumer Financial Protection BureauConsumer creditHousing finance and home ownership

Alternate Title(s) of Bill HR 1529

Community Institution Mortgage Relief Act of 2015To 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 2015Community Institution Mortgage Relief Act of 2015

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