PlainBillCongress, translated.Legislation. Context. Public interest.Placed on the Union Calendar, Calendar No. 38.
Congressional Research Service
Version 79 · Reported to House without amendment · Apr 6, 2015
(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.
People & committees
Rep. Sherman, Brad [D-CA-30] · D–CA
Legislative record
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Placed on the Union Calendar, Calendar No. 38.
Reported by the Committee on Financial Services. H. Rept. 114-57.
Reported by the Committee on Financial Services. H. Rept. 114-57.
Ordered to be Reported by the Yeas and Nays: 48 - 10.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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