S.967 - Regulation of Mortgage Servicing Act of 2011

A bill to establish clear regulatory standards for mortgage servicers, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to establish clear regulatory standards for mortgage servicers, and for other purposes. as introduced.
  • Short: Regulation of Mortgage Servicing Act of 2011 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
05/12/11
 
 
 
 
 
 
 

Sponsor

Senator

Jeff Merkley

D-OR

View Co-Sponsors (17)

Official Summary

Regulation of Mortgage Servicing Act of 2011 - Requires a mortgage servicer to assign one case manager to each borrower that seeks a mortgage loan modification or an alternative to foreclosure. Requires the case manager to: (1) manage the communication between the servicer and the borrower,

Official Summary

Regulation of Mortgage Servicing Act of 2011 - Requires a mortgage servicer to assign one case manager to each borrower that seeks a mortgage loan modification or an alternative to foreclosure. Requires the case manager to:
(1) manage the communication between the servicer and the borrower, and
(2) make decisions about the borrower's eligibility for a loan modification or an alternative to foreclosure. Prohibits a servicer from initiating a foreclosure action against a borrower unless the servicer has performed specified tasks related to offering the borrower, if eligible, a loan modification or an alternative to foreclosure. Requires a servicer to suspend a foreclosure action initiated before the enactment of this Act until such tasks have been performed. Prohibits a servicer, during the suspension period, from:
(1) sending the borrower a notice of foreclosure,
(2) conducting or scheduling a sale of the real property securing the mortgage, or
(3) causing final judgment to be entered against the borrower. Prescribes requirements a servicer must meet in order to be deemed to have made a reasonable effort to obtain necessary information to determine a borrower's eligibility for a loan modification or an alternative to foreclosure. Requires a servicer, before notifying a borrower of his or her ineligibility for a loan modification or an alternative to foreclosure, to obtain the services of an independent reviewer to review the borrower's file and determine whether or not the borrower is eligible. Makes a violation of this Act a bar to a foreclosure action. Allows a servicer in compliance with this Act, however, to bring or proceed with a foreclosure action, regardless of any prior violation.

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Organizations Supporting S.967

  • Americans for Financial Reform
  • Alliance for a Just Society
  • Main Street Alliance
  • California Reinvestment Coalition
  • Center for NYC Neighborhoods
  • Center for Responsible Lending
  • ...and 13 more. See all.

Organizations Opposing S.967

  • American Bankers Association
  • Mortgage Bankers Association


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