Regulation of Mortgage Servicing Act of 2013
Latest action · Jun 26, 2013 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 26, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Regulation of Mortgage Servicing Act of 2013 - 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 covered 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 covered 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 covered foreclosure action. Allows a servicer in compliance with this Act, however, to bring or proceed with a foreclosure action, regardless of any prior violation.
Makes any servicer that fails to comply with any requirement of this Act liable to a borrower in the same manner that a creditor who fails to comply with any requirement is liable to a person.
Cosponsors 6
Members who signed on, in the order they did. Signatures ran from Aug 1, 2013 to Oct 16, 2013.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MA | James P. McGovern | Aug 1, 2013 | |
| D-IL | Janice D. Schakowsky | Aug 2, 2013 | |
| D-RI | David N. Cicilline | Sep 9, 2013 | |
| D-ME | Michael H. Michaud | Sep 11, 2013 | |
| D-CA | Mark Takano | Sep 25, 2013 | |
| D-OR | Suzanne Bonamici | Oct 16, 2013 |
Actions 2
Everything that happened, newest first.
- Jun 26, 2013Introduced in House
- Jun 26, 2013Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- Jun 26, 2013Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.