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H. Rept. 114-57 1 (2015-04-06)

handle is hein.congrecreports/crptxroj0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-57 COMMUNITY INSTITUTION MORTGAGE RELIEF ACT OF 2015 APRIL 6, 2015.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT [To accompany H.R. 1529] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 1529) to amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the require- ments for community financial institutions with respect to certain rules relating to mortgage loans, and for other purposes, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY H.R. 1529, the Community Institution Mortgage Relief Act of 2015, amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) to create a legal safe harbor from es- crow requirements for community financial institutions holding loans in portfolio for 3 years. This bill also amends the Real Estate Settlement Procedures Act (RESPA) to exempt servicers that annu- ally service 20,000 or fewer mortgage loans from certain escrow re- quirements, in order to reduce regulatory burdens while appro- priately balancing consumer protections. BACKGROUND AND NEED FOR LEGISLATION Title 14 of the Dodd-Frank Act amends the Truth in Lending Act (15 U.S.C. 1601 et seq) (TILA) to establish certain requirements for escrow accounts for consumer credit transactions secured by a first lien on a consumer's principal dwelling. Sections 1461 and 1462 of the Dodd-Frank Act establish a minimum period for which escrows 49-006

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