Summary: H.R.4594 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.4594. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/24/1990)

Mortgage Servicing Transfer Disclosure Act of 1990 - Amends the Real Estate Settlement Procedures Act of 1974 to prescribe mortgage servicing disclosure requirements for each person making a federally related mortgage loan to a consumer (including the identity of the person to whom the mortgage servicing contract is transferred).

Sets forth guidelines for the treatment of consumer loan payments during the period in which the mortgage loan servicing contract is being transferred. Sets forth liability guidelines for violations of this Act. Authorizes consumer class action suits.

Sets forth guidelines for annual notification to the consumer by the mortgage servicer of the consumer's escrow account status, including itemized expenses and anticipated charges.