3.0.0 4963 2023-01-11T13:26:13Z 2023-01-11T13:26:13Z House H HR 2014-06-25 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. MICHELLE LUJAN GRISHAM of New Mexico:H.R. 4963.Congress has the power to enact this legislation pursuantto the following:This bill is enacted pursuant to the power granted toCongress under Article I, Section 8, Clause 3 of the UnitedStates Constitution.[[Page H5769]][Page H5768]]]> hsba00 Financial Services Committee House Standing Referred to 2014-06-25T14:02:45Z 2014-06-25 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2014-06-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-06-25 Introduced in House IntroReferral 1000 9 Library of Congress L000580 Rep. Lujan Grisham, Michelle [D-NM-1] Michelle Lujan Grisham D NM 1 N K000009 Rep. Kaptur, Marcy [D-OH-9] MARCY KAPTUR D OH 9 2014-06-25 True G000556 Rep. Grayson, Alan [D-FL-9] Alan Grayson D FL 9 2014-09-10 False B000911 Rep. Brown, Corrine [D-FL-5] CORRINE BROWN D FL 5 2014-11-17 False F000462 Rep. Frankel, Lois [D-FL-22] Lois Frankel D FL 22 2014-11-17 False J000126 Rep. Johnson, Eddie Bernice [D-TX-30] EDDIE JOHNSON D TX BERNICE 30 2014-11-17 False Housing and Community Development Administrative law and regulatory procedures Business records Civil actions and liability Consumer Financial Protection Bureau Consumer affairs Executive agency funding and structure Foreign language and bilingual programs Government information and archives Housing finance and home ownership Interest, dividends, interest rates Lawyers and legal services Real estate business User charges and fees Housing and Community Development 00 2014-06-25 Introduced in House 2014-09-04T18:58:43Z National Homeowners Bill of Rights Act of 2014 - Amends the Real Estate Settlement Procedures Act of 1974 to require servicers of federally related mortgage loans to: (1) establish for each borrower's account a single electronic record accessible throughout the servicer, including its agents, and all its affordable loan modification staff, foreclosure staff, and bankruptcy staff; and (2) maintain a free, publicly accessible website where borrowers may check their estimated net present value.

Requires servicers to provide free oral interpretation services, as well as translated documents, upon borrower request, which may be provided by contracting with housing counseling agencies approved by the Department of Housing and Urban Development (HUD).

Prescribes requirements for the affordable loan modification process, including: (1) evaluation of borrowers facing imminent default, (2) assistance in applying for affordable loan modification, (3) treatment of successors in interest, (4) loan transfers, and (5) restrictions upon foreclosure proceedings.

Bars sale of the property securing the mortgage if the servicer of the mortgage does not file a certification with the appropriate land records office where the property securing the mortgage is located, stating that the servicer has determined the eligibility of the mortgagor for an affordable loan modification.

Prescribes criteria governing: (1) mortgagor's eligibility to participate in an affordable loan modification, (2) earned principal forgiveness, (3) principal reduction, and (4) treatment of junior liens.

Subjects a servicer who violates this Act to a civil penalty, and to liability to the borrower. Limits to $1 million the maximum penalty for all violations committed by any particular servicer during any one-year period.

Directs the Director of the Consumer Financial Protection Bureau (CFPB) to appoint a Mortgage Servicer Ombudsman.

Subjects to a maximum fine of $7,500 per loan a servicer who records or files with a land records office or a court more than one document with material deficiencies (robo-signing) with respect to a mortgage loan.

Extends indefinitely the Protecting Tenants at Foreclosure Act of 2009 by repealing its termination date.

]]> National Homeowners Bill of Rights Act of 2014 Display Title National Homeowners Bill of Rights Act of 2014 Official Title as Introduced To amend the Real Estate Settlement Procedures Act of 1974 to provide protections to borrowers, and for other purposes. Introduced in House IH Short Titles as Introduced National Homeowners Bill of Rights Act of 2014 Introduced in House 2014-06-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr4963ih/xml/BILLS-113hr4963ih.xml 2014-06-25 Referred to the House Committee on Financial Services. 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.