Escrow, Appraisal, and Mortgage Servicing Improvements Act

To require escrows for certain mortgage loans, to improve mortgage servicing, to promote sustainable homeownership opportunities, to enhance appraisal quality and standards, to better appraisal oversight, to mitigate appraiser pressure, and for other purposes.

10/16/2007--Introduced.
Escrow, Appraisal, and Mortgage Servicing Improvements Act - Amends the Truth in Lending Act to require a creditor, in a consumer credit transaction secured by the consumer's principal dwelling, to establish an escrow or impound account to pay taxes and hazard insurance, and, if applicable, flood insurance, mortgage insurance, ground rents, and any other required periodic payments or premiums. Requires written disclosures by the creditor to the consumer regarding:
(1) such escrow or impound account; and
(2) consumers who opt out of escrow services. Amends the Real Estate Settlement Procedures Act of 1974 to proscribe specified practices by the servicer of a federally related mortgage, including obtaining force-placed hazard insurance coverage to protect the mortgagee's interest in the property. Prohibits practices related to default, late fees, or foreclosure. Requires prompt:
(1) crediting of payments;
(2) responses to payoff balances; and
(3) refund of escrow accounts upon payoff. Directs the Secretary of Housing and Urban Development to study and report to specified congressional committees on mortgage servicing fraud. Amends the Truth in Lending Act to:
(1) require repayment analyses to include escrow payments;
(2) include a written property appraisal as a prerequisite to granting a mortgage;
(3) prohibit unfair and deceptive practices and acts relating to consumer credit transactions secured by the principal dwelling, especially in property appraisals; and
(4) require a mortgage originator to make available to the credit applicant all appraisal valuation reports no later than three days prior to the transaction closing date. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to:
(1) include among the functions of the Appraisal Subcommittee protection of the consumer from improper appraisal practices and the predations of unlicensed appraisers; and
(2) expand state agency reporting requirements to include transmittal to the Appraisal Subcommittee of reports on claims, disciplinary actions, license and certification revocations, and suspensions. Prohibits certain interested parties in a real estate transaction involving an appraisal from engaging in specified practices to improperly influence a real estate appraisal in connection with a mortgage loan. Requires the Comptroller General to study and report to specified congressional committees on possible improvements in the appraisal process and in state compliance programs.


... morehide bill summarySee Full Bill Text

Sponsor

• Rep. Paul Kanjorski [D, PA-11]
• and 13 Co-Sponsors
  • Rep. Joe Baca [D, CA-43]
  • Rep. Judy Biggert [R, IL-13]
  • Rep. Shelley Capito [R, WV-2]
  • Rep. Michael Capuano [D, MA-8]
  • Rep. William Clay [D, MO-1]
  • Rep. Barney Frank [D, MA-4]
  • Rep. Luis Gutierrez [D, IL-4]
  • Rep. Paul Hodes [D, NH-2]
  • Rep. Tim Holden [D, PA-17]
  • Rep. Peter King [R, NY-3]
  • Rep. Carolyn Maloney [D, NY-14]
  • Rep. Gwen Moore [D, WI-4]
  • Rep. Charles Wilson [D, OH-6]
  close

Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.3837

Number	Status	Purpose

Bill Status

Make a Bill Status Widget

	OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
October 16, 2007

Show All Actions (4 actions)Hide Actions

All Bill Actions

• Added to calendar on Nov 07, 2007: Ordered to be Reported (Amended) by Voice Vote..
• Nov 07, 2007: Committee Consideration and Mark-up Session Held.
• Oct 16, 2007: Referred to the House Committee on Financial Services.
• Introduced on Oct 16, 2007.

---

Related Issue Areas:

• Taxation
• Rent
• Real estate appraisal
• Property tax
• 29 more
• Property insurance
• Mortgages
• Mortgage guaranty insurance
• Mortgage banks
• Loan defaults
• Insurance premiums
• Housing finance
• Government paperwork
• Government lending
• Government information
• Fraud
• Foreclosure
• Floods
• Finance
• Fees
• Federally-guaranteed loans
• Emergency management
• Disaster insurance
• Debtor and creditor
• Consumers
• Consumer education
• Consumer credit
• Congressional reporting requirements
• Congressional investigations
• Congress
• Conflict of interests
• Budgets
• Bank accounts
• Housing

Data from the Congressional Research Service

Users tracking H.R.3837 (1) are also tracking:

Show More User Statistics... Hide User Statistics

In the News

November 15, 2007 Appraisal group under scrutiny

Called the Escrow, Appraisal and Mortgage Servicing Improvements Act (HR 3837), the bill was approved Nov. 6 by the US House Financial Services Committee. ...

Was this article useful? Yes or No

Source: Pittsburgh Tribune-Review, PA

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

See most useful news articles

Information made available by:

Blog Coverage

April 04, 2008 AI, Appraisal Institute Designation Descrimination

The Appraisal Institute has managed to sneak a paragraph into section 203K of the HR 3837 bill, which endeavors to reverse anti-discriminatory legislation which has existed since 1989, which will further cause into confusion, ...

Was this article useful? Yes or No

Source: Residential Appraiser - Appraisal Blog,...

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

April 02, 2008 Apella’s Review of Cuomo – GSE Home Valuation Code of Conduct

HR 3837 titled Escrow, Appraisal, and Mortgage Servicing Improvements Act purposes is to amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). FIRREA is Title XI US Code. Section (g) of HR 3837 seeks: ...

Was this article useful? Yes or No

Source: Table Talk With Apella

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

February 25, 2008 Teleconference Addresses Independence, Blacklisting, Anonymous ...

The bill was originally introduced as HR 3837 but was later rolled into HR 3915, and then passed through the House. On the Senate side, Sen. Chris Dodd, D-Conn., introduced legislation (SB 2452) that prohibits appraisal pressure as well ...

Was this article useful? Yes or No

Source: Real Estate and Appraisal

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

28 more posts...
See most useful blog posts

Information made available by: