H.R. 650 · 108th Congress
Homeowners' Escrow Payments Assurance Act
- Stage
- In committee
- Sponsor
- Rob Andrews
- Introduced
- 2003-02-07
- Latest action
- 2003-02-27 · Referred to the Subcommittee on Housing and Community Opportunity.
Summary
Homeowners' Escrow Payments Assurance Act - Amends the Real Estate Settlement Procedures Act of 1974 to impose: (1) treble damages for noncompliance with statutory requirements pertaining to the servicing of federally related mortgage loans and escrow accounts administration; and (2) a civil penalty for each day of insurance coverage lapse that results from failure of a mortgage servicer to timely make payments from mortgagor's escrow account.Earmarks the fines thus collected for assistance to: (1) low-income families for the acquisition of a principal residence; and (2) nonprofit organizations that engage in legal advocacy relating to consumer rights' protection.