113 HR 4521 IH: Community Institution Mortgage Relief Act of 2014 U.S. House of Representatives 2014-04-30 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

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.

1.

Short title

This Act may be cited as the Community Institution Mortgage Relief Act of 2014.

2.

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— (1)by redesignating paragraphs (1), (2), (3), and (4) as subparagraphs (A), (B), (C), and (D) and moving such subparagraphs 2 ems to the right; (2)by striking The Board and inserting the following: (1)

In general

The Board; and (3)by adding at the end the following new paragraph: (2)

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..

3.

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 servicers that annually service 20,000 or fewer mortgage loans, in order to reduce regulatory burdens while appropriately balancing consumer protections..