ICBA called on the House of Representatives to pass legislation that would ease mortgage regulations on community banks.
The Community Institution Mortgage Relief Act (H.R. 3971), introduced by Rep. Claudia Tenney (R-N.Y.) and slated for a floor vote today or tomorrow, includes ICBA Plan for Prosperity provisions on escrow and mortgage-servicing rules.
Specifically, H.R. 3971 would provide that mortgage loans held in portfolio by financial institutions with assets of $25 billion or less are exempt from mandatory escrow requirements.
It also would increase the Consumer Financial Protection Bureau’s small-servicer exemption limit from 5,000 loans to 30,000 loans serviced annually.