Community Institution Mortgage Relief Act of 2014

Community Institution Mortgage Relief Act of 2014 - Amends the Truth in Lending Act (TILA) to require the Board of Governors of the Federal Reserve System to exempt from certain escrow or impound requirements a loan secured by a first lien on a consumer's principal dwelling if the loan is held by a creditor with assets of $10 billion or less.

Amends the Real Estate Settlement Procedures Act of 1974 to direct the Consumer Financial Protection Bureau (CFPB) to provide either exemptions or adjustments from the mortgage loan servicing and escrow account administration requirements of the Act for servicers that annually service 20,000 or fewer mortgage loans.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4521 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4521

 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.


_______________________________________________________________________


                    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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.''.

SEC. 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.''.
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