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House to Consider Two Removing Barriers Bills
Tuesday, July 14, 2015 6:40 AM

Today, the House of Representatives will consider bills important to credit unions: H.R. 1408, the Mortgage Servicing Asset Capital Requirements Act, and H.R. 1529, the Community Institution Mortgage Relief Act. 

H.R. 1408 would direct federal banking regulators to further study appropriate capital requirements for mortgage service assets held by nonsystemic banking institutions. It would put a temporary delay on the implementation of the mortgage servicing rights aspect of NCUA’s risk-based capital proposal. CUNA sent a letter of support to the sponsors of the legislation, Reps. Ed Perlmutter (D-CO) and Blaine Luetkemeyer (R-MO), earlier this year.

H.R. 1529, sponsored by Reps Brad Sherman (D-CA) and Blaine Luetkemeyer (R-MO), would make two changes to the Real Estate Settlements Procedures Act (RESPA) to reduce the burden on small financial institutions. It would exempt mortgage loans made by financial institutions under $10 billion in assets and held in portfolio for three years from RESPA’s escrow requirements; and, it would also exempt mortgage servicers that service fewer than 20,000 mortgages annually from the requirements of Section 6 of RESPA.

More on this story.