House Committee Print 115-44 - RULES COMMITTEE PRINT 115-44 TEXT OF H.R. 3971, COMMUNITY INSTITUTION MORTGAGE RELIEF ACT OF 2017115th Congress (2017-2018)
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November 29, 2017
Rules Committee Print 115–44
Text of H.R. 3971, Community Institution Mortgage Relief Act of 2017
[Showing the text of H.R. 3971 as ordered reported by the Committee on Financial Services.]
This Act may be cited as the “Community Institution Mortgage Relief Act of 2017”.
(1) by adding at the end the following: “(A) the creditor has consolidated assets of $25,000,000,000 or less; and
“(A) the creditor has consolidated assets of $25,000,000,000 or less; and
“(B) the creditor holds the loan on the balance sheet of the creditor for the 3-year period beginning on the date of the origination of the loan.
“(2) EXCEPTION FOR CERTAIN TRANSFERS.—In the case of a creditor that transfers a loan to another person by reason of the bankruptcy or failure of the creditor, the purchase of the creditor, or a supervisory act or recommendation from a State or Federal regulator, the creditor shall be deemed to have complied with the requirement under paragraph (1)(B).”; and
(2) by striking the term “Board” each place such term appears and inserting “Bureau”.
(b) 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:
“(n) Small Servicer Exemption.—The Bureau shall, by regulation, provide exemptions to, or adjustments for, the provisions of this section for a servicer that annually services 30,000 or fewer mortgage loans, in order to reduce regulatory burdens while appropriately balancing consumer protections.”.