3.0.0 3837 2023-01-11T20:24:00Z 2023-01-11T20:24:01Z House H HR 2007-10-16 110 hsba00 Financial Services Committee House Standing Markup by 2007-11-07T14:47:42Z Referred to 2007-10-16T13:00:05Z 2007-11-07 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2007-11-07 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2007-10-16 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2007-10-16 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-10-16 Introduced in House IntroReferral 1000 9 Library of Congress K000008 Rep. Kanjorski, Paul E. [D-PA-11] PAUL KANJORSKI D PA E. 11 N F000339 Rep. Frank, Barney [D-MA-4] BARNEY FRANK D MA 4 2007-10-16 True W000801 Rep. Wilson, Charles A. [D-OH-6] Charles Wilson D OH A. 6 2007-10-16 True H001043 Rep. Hodes, Paul W. [D-NH-2] Paul Hodes D NH W. 2 2007-10-16 True C001037 Rep. Capuano, Michael E. [D-MA-8] MICHAEL CAPUANO D MA E. 8 2007-10-17 False C001049 Rep. Clay, Wm. Lacy [D-MO-1] WM. CLAY D MO LACY 1 2007-10-18 False G000535 Rep. Gutierrez, Luis V. [D-IL-4] LUIS GUTIERREZ D IL V. 4 2007-10-22 False H000712 Rep. Holden, Tim [D-PA-17] TIM HOLDEN D PA 17 2007-10-31 False M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2007-11-01 False M000087 Rep. Maloney, Carolyn B. [D-NY-14] CAROLYN MALONEY D NY B. 14 2007-11-05 False B001234 Rep. Baca, Joe [D-CA-43] JOE BACA D CA 43 2007-11-06 False B001232 Rep. Biggert, Judy [R-IL-13] JUDY BIGGERT R IL 13 2007-11-06 False C001047 Rep. Capito, Shelley Moore [R-WV-2] Shelley Capito R WV Moore 2 2007-11-06 False K000210 Rep. King, Peter T. [R-NY-3] PETER KING R NY T. 3 2007-11-07 False Housing and Community Development Bank accounts Commerce Conflict of interests Congress Congressional investigations Congressional reporting requirements Consumer credit Consumer education Debtor and creditor Disaster insurance Economics and Public Finance Emergency Management Federally-guaranteed loans Fees Finance and Financial Sector Floods Foreclosure Fraud Government Operations and Politics Government lending Government paperwork Housing finance Insurance premiums Loan defaults Mortgage banks Mortgage guaranty insurance Mortgages Property insurance Property tax Real estate appraisal Rent Taxation Housing and Community Development 00 2007-10-16 Introduced in House 2007-10-31T15:07:46Z Escrow, Appraisal, and Mortgage Servicing Improvements Act - Amends the Truth in Lending Act to require a creditor, in a consumer credit transaction secured by the consumer's principal dwelling, to establish an escrow or impound account to pay taxes and hazard insurance, and, if applicable, flood insurance, mortgage insurance, ground rents, and any other required periodic payments or premiums.

Requires written disclosures by the creditor to the consumer regarding: (1) such escrow or impound account; and (2) consumers who opt out of escrow services.

Amends the Real Estate Settlement Procedures Act of 1974 to proscribe specified practices by the servicer of a federally related mortgage, including obtaining force-placed hazard insurance coverage to protect the mortgagee's interest in the property.

Prohibits practices related to default, late fees, or foreclosure.

Requires prompt: (1) crediting of payments; (2) responses to payoff balances; and (3) refund of escrow accounts upon payoff.

Directs the Secretary of Housing and Urban Development to study and report to specified congressional committees on mortgage servicing fraud.

Amends the Truth in Lending Act to: (1) require repayment analyses to include escrow payments; (2) include a written property appraisal as a prerequisite to granting a mortgage; (3) prohibit unfair and deceptive practices and acts relating to consumer credit transactions secured by the principal dwelling, especially in property appraisals; and (4) require a mortgage originator to make available to the credit applicant all appraisal valuation reports no later than three days prior to the transaction closing date.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to: (1) include among the functions of the Appraisal Subcommittee protection of the consumer from improper appraisal practices and the predations of unlicensed appraisers; and (2) expand state agency reporting requirements to include transmittal to the Appraisal Subcommittee of reports on claims, disciplinary actions, license and certification revocations, and suspensions.

Prohibits certain interested parties in a real estate transaction involving an appraisal from engaging in specified practices to improperly influence a real estate appraisal in connection with a mortgage loan.

Requires the Comptroller General to study and report to specified congressional committees on possible improvements in the appraisal process and in state compliance programs.

]]> Escrow, Appraisal, and Mortgage Servicing Improvements Act Official Title as Introduced To require escrows for certain mortgage loans, to improve mortgage servicing, to promote sustainable homeownership opportunities, to enhance appraisal quality and standards, to better appraisal oversight, to mitigate appraiser pressure, and for other purposes. Introduced in House IH Display Title Escrow, Appraisal, and Mortgage Servicing Improvements Act Short Titles as Introduced Escrow, Appraisal, and Mortgage Servicing Improvements Act Introduced in House 2007-10-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3837ih/xml/BILLS-110hr3837ih.xml 2007-11-07 Ordered to be Reported (Amended) by Voice Vote. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.