H.R. 3971 - 115th Congress (2017-2018) - Community Institution Mortgage Relief Act of 2017

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 $25 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 30,000 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.

Text (4)

December 13, 2017

December 12, 2017

November 30, 2017

October 5, 2017

Amendments (2)

Dec 12, 2017

Agreed to in House

Sponsorship

House Amendment 497

An amendment numbered 1 printed in Part B of House Report 115-443 to lower the amount of consolidated assets of a creditor eligible for the safe harbor from escrow requirements in the bill from $25,000,000,000 or less to $10,000,000,000 or less; lowers the number of loans that a mortgage servicer eligible for exemptions and adjustments from the Bureau can service annually from 30,000 or fewer mortgage loans to 20,000 or fewer mortgage loans.

Agreed To

Dec 12, 2017

Offered in House

Sponsorship

House Amendment 496

Pursuant to the provisions of H.Res. 647 the amendment in the nature of a substitute consisting of the text of Rules Committee Print 115-44 is considered as adopted.

Submitted

Actions (23)

Show Only Major Actions

12/13/2017

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

12/12/2017

Motion to reconsider laid on the table Agreed to without objection.

12/12/2017

On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675). (text: CR H9799)

12/12/2017

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675).(text: CR H9799)

12/12/2017

On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 233 (Roll no. 674).

12/12/2017

Considered as unfinished business. (consideration: CR H9828-9830)

12/12/2017

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.

12/12/2017

The previous question on the motion to recommit with instructions was ordered without objection.

12/12/2017

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.

12/12/2017

Ms. Titus moved to recommit with instructions to the Committee on Financial Services. (text: CR H9807)

12/12/2017

DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.

12/12/2017

DEBATE - The House proceeded with one hour of debate on H.R. 3971.

12/12/2017

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

12/12/2017

Considered under the provisions of rule H. Res. 647. (consideration: CR H9799-9808)

12/06/2017

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

11/30/2017

Placed on the Union Calendar, Calendar No. 319.

11/30/2017

Reported by the Committee on Financial Services. H. Rept. 115-432.

10/12/2017

Ordered to be Reported by the Yeas and Nays: 41 - 19.

10/12/2017

Committee Consideration and Mark-up Session Held.

10/11/2017

Committee Consideration and Mark-up Session Held.

10/05/2017

Referred to the House Committee on Financial Services.

10/05/2017

Introduced in House

09/07/2017

Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.

Public Record

Record Updated

Jan 11, 2023 1:38:09 PM