June 26, 2014
As ordered reported by the House Committee on Financial Services on May 22, 2014
H.R. 4521 would amend the Truth in Lending Act to exempt certain mortgages from the requirement to hold funds in an account for the payment of property taxes, hazard insurance, flood insurance, mortgage insurance, and other required periodic premiums. H.R. 4521 also would direct the Consumer Financial Protection Bureau (CFPB) to exempt or adjust requirements related to servicing mortgage loans and administering escrow amounts for mortgage servicers that annually service 20,000 or fewer mortgage loans.
CBO assumes for this estimate that H.R. 4521 will be enacted by the start of fiscal year 2015. Based on information from the CFPB, CBO estimates that enacting this bill would increase direct spending by less than $500,000 in 2015 for expenses of the CFPB to prepare and enforce new rules. Because enacting H.R. 4521 would affect direct spending, pay-as-you-go procedures apply. CBO estimates that enacting H.R. 4521 would not affect revenues. Implementing the bill would not affect spending subject to appropriation because the CFPB is permanently authorized to spend amounts transferred from the Federal Reserve.
H.R. 4521 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would impose no costs on state, local, or tribal governments.