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Community Institution Mortgage Relief Act of 2015

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
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
2
Democrat Cosponsors
0
Republican Cosponsors
2
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 1529

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Consumer Financial Protection Bureau
- Consumer credit
- Housing finance and home ownership

Alternate Title(s) of Bill HR 1529

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

Comments

Sponsors and Cosponsors of HR 1529

Brad Sherman
Brad Sherman
CaliforniaDemocrat
Bill Posey
Bill Posey
FloridaRepublican
Blaine Luetkemeyer
Blaine Luetkemeyer
MissouriRepublican

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