I
113th CONGRESS
2d Session
H. R. 4521
IN THE HOUSE OF REPRESENTATIVES
April 30, 2014
Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To modify exemptions for small creditors and mortgage loan servicers, to require a study of appropriate capital requirements for mortgage servicing assets for nonsystemic banking institutions, and for other purposes.
Short title
This Act may be cited as the Community Institution Mortgage Relief Act of 2014
.
Exemption from escrow requirements for loans held by small creditors
Section 129D(c) of the Truth in Lending Act (15 U.S.C. 1639d(c)), as added by section 1461(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended—
by redesignating paragraphs (1), (2), (3), and (4) as subparagraphs (A), (B), (C), and (D) and moving such subparagraphs 2 ems to the right;
by striking The Board
and inserting the following:
In general
The Board
; and
by adding at the end the following new paragraph:
Treatment of loans held by smaller creditors
The Board shall, by regulation, exempt from the requirements of subsection (a) any loan secured by a first lien on a consumer’s principle dwelling, if such loan is held by a creditor with assets of $10,000,000,000 or less.
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Modification to exemption for small servicers of mortgage loans
Section 6 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605) is amended by adding at the end the following:
Small Servicer Exemption
The Bureau shall, by regulation, provide exemptions to, or adjustments for, the provisions of this section for servicers that annually service 20,000 or fewer mortgage loans, in order to reduce regulatory burdens while appropriately balancing consumer protections.
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