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HR 4594 101th Congress House Housing and Community Development Class actions (Civil procedure) Consumer education Mortgage banks Mortgage loans

Mortgage Servicing Transfer Disclosure Act of 1990

Introduced: April 24, 1990 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 1, 1990
Referred to the Subcommittee on Housing and Community Development.
Apr 24, 1990
Referred to the House Committee on Banking, Finance + Urban Affrs.
Apr 24, 1990
Introduced in House
 Plain-English summary Congressional Research Service

Mortgage Servicing Transfer Disclosure Act of 1990 - Amends the Real Estate Settlement Procedures Act of 1974 to prescribe mortgage servicing disclosure requirements for each person making a federally related mortgage loan to a consumer (including the identity of the person to whom the mortgage servicing contract is transferred).

Sets forth guidelines for the treatment of consumer loan payments during the period in which the mortgage loan servicing contract is being transferred. Sets forth liability guidelines for violations of this Act. Authorizes consumer class action suits.

Sets forth guidelines for annual notification to the consumer by the mortgage servicer of the consumer's escrow account status, including itemized expenses and anticipated charges.

What's happening now May 1, 1990

Referred to the Subcommittee on Housing and Community Development.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 3 Republican 1