VoterlyH.R. 3971: Community Institution Mortgage Relief Act of 2017
115th Congress · Sponsored from New York · In committee
What this bill does
Community Institution Mortgage Relief Act of 2017 (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.
Key facts
- Status In committee
- Introduced 2017-10-05
- Policy area Finance and Financial Sector
- Cosponsors 4
- Latest action Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsor
Who funds the sponsor?
Rep. Tenney, Claudia [R-NY-22] introduced H.R. 3971. On Voterly you can see their top campaign donors from public Federal Election Commission records — individuals, PACs, and industry groups (follow the money) — and compare that with how they vote.
See Rep. Tenney, Claudia [R-NY-22]'s donors & voting record →
Campaign donations show who helps fund the sponsor's election; they are not the same as who drafted or lobbied for the bill text. Lobbying disclosures are separate public records.
Take a position & compare alignment
Agree or disagree with H.R. 3971? Go to the homepage to record your view and compare your stance with how your representatives vote. See Rep. Tenney, Claudia [R-NY-22]'s profile to vote on their bills and check your alignment % with the sponsor.
Read the official text on Congress.gov →
Frequently asked questions
What does H.R. 3971 do?
Community Institution Mortgage Relief Act of 2017 (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 cons…
Who sponsored H.R. 3971?
Rep. Tenney, Claudia [R-NY-22] (R) of New York is the lead sponsor.
How do I find out who funds or lobbies for H.R. 3971?
Campaign-finance records (Federal Election Commission) show who funds the bill's sponsor. Separately, federal lobbying disclosures filed under the Lobbying Disclosure Act list the companies and lobbyists who reported lobbying on specific bills. Voterly links the sponsor's donors; lobbying records are public at the U.S. Senate and House lobbying databases.
Is H.R. 3971 now law?
Not yet. The current status is "In committee." See the latest action above for details.