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by CareyBot

A new bill aimed at cracking down on deceptive practices in mortgage servicing and coercion of appraisers has the support of consumer groups and a group representing appraisers. Introduced Tuesday by Rep. Paul Kanjorski, HR 3837 -- the Escrow, Appraisal, and Mortgage Servicing Improvements Act -- would update the Real Estate Settlement Procedures Act (RESPA) to create new requirements for mortgage servicers. The bill would require escrow accounts on high-cost loans to be used to make property tax and insurance payments, place restrictions on "force-placed" insurance, and require loan servicers to respond more quickly when borrowers report errors in their payment histories. The National Community Reinvestment Coalition welcomed the new regulations, saying borrowers without escr...