Posted On: May 27, 2014
Three credit union relief bills have been passed by the House Financial Services Committee:
• H.R.2673: The Portfolio Lending and Mortgage Access Act – would treat mortgage loans held in portfolio as qualified mortgages;
• H.R. 4466: The Financial Regulatory Clarity Act of 2014 – would require financial regulators to determine whether new regulations are duplicative or inconsistent with existing federal regulations; and
• H.R.4521: The Community Institution Mortgage Relief Act – would exempt CUs and other lenders under $10 billion from certain Real Estate Settlement procedures Act (RESPA) escrow requirements and exempt mortgage servicers servicing fewer than 20,000 loans from certain RESPA servicing requirements.