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HR 3837

110th CONGRESS
1st Session

H. R. 3837

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.

IN THE HOUSE OF REPRESENTATIVES

October 16, 2007

Mr. KANJORSKI (for himself, Mr. FRANK of Massachusetts, Mr. WILSON of Ohio, and Mr. HODES) introduced the following bill; which was referred to the Committee on Financial Services


A BILL

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.

SECTION 1. SHORT TITLE.

SEC. 2. TABLE OF CONTENTS.

TITLE I--MORTGAGE SERVICING

TITLE II--APPRAISAL ACTIVITIES

TITLE I--MORTGAGE SERVICING

SEC. 101. ESCROW AND IMPOUND ACCOUNTS RELATING TO CERTAIN CONSUMER CREDIT TRANSACTIONS.

`SEC. 129A. ESCROW OR IMPOUND ACCOUNTS RELATING TO CERTAIN CONSUMER CREDIT TRANSACTIONS.

SEC. 102. DISCLOSURE NOTICE REQUIRED FOR CONSUMERS WHO OPT OUT OF ESCROW SERVICES.

SEC. 103. REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974 AMENDMENTS.

SEC. 104. MORTGAGE SERVICING STUDIES REQUIRED.

SEC. 105. ESCROWS INCLUDED IN REPAYMENT ANALYSIS.

TITLE II--APPRAISAL ACTIVITIES

SEC. 201. PROPERTY APPRAISAL REQUIREMENTS.

SEC. 202. UNFAIR AND DECEPTIVE PRACTICES AND ACTS RELATING TO CERTAIN CONSUMER CREDIT TRANSACTIONS.

`SEC. 129B. UNFAIR AND DECEPTIVE PRACTICES AND ACTS RELATING TO CERTAIN CONSUMER CREDIT TRANSACTIONS.

SEC. 203. AMENDMENTS RELATING TO APPRAISAL SUBCOMMITTEE OF FIEC, APPRAISER INDEPENDENCE, AND APPROVED APPRAISER EDUCATION.

SEC. 204. STUDY REQUIRED ON IMPROVEMENTS IN APPRAISAL PROCESS AND COMPLIANCE PROGRAMS.

SEC. 205. CONSUMER APPRAISAL DISCLOSURE.

`SEC. 129C. CONSUMER APPRAISAL DISCLOSURE.

END