A bill to amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide an exception from the definition of loan originator for certain loans made with respect to manufactured homes, to amend the Truth in Lending Act to modify the definition of a high-cost mortgage, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Preserving Access to Manufactured 
Housing Act''.

SEC. 2. MODIFICATIONS TO DEFINITIONS.

    (a) Loan Originator Definition.--Section 1503(4) of the S.A.F.E. 
Mortgage Licensing Act of 2008 (12 U.S.C. 5102(4)) is amended--
            (1) in subparagraph (A)--
                    (A) in clause (iii), by striking ``and'' at the 
                end;
                    (B) in clause (iv), by striking the period and 
                inserting ``; and''; and
                    (C) by adding at the end the following new clause:
                            ``(v) does not include an individual or 
                        entity that is a seller of manufactured homes, 
                        unless such individual or entity is engaged in 
                        the business of a loan originator or receives 
                        compensation or gain for engaging in activities 
                        described under clause (i) that is in excess of 
                        any compensation or gain received in a 
                        comparable cash transaction.''; and
            (2) by adding at the end the following:
                    ``(E) Engaged in the business of a loan 
                originator.--For purposes of this paragraph, the term 
                `engaged in the business of a loan originator' means to 
                perform loan originator activities described under 
                subparagraph (A)(i) as a regular course of trade or 
                business in exchange for compensation or gain paid 
                solely for engaging in the sale or distribution of 
                residential mortgage loans.''.
    (b) High-Cost Mortgage Definition.--Section 103 of the Truth in 
Lending Act (15 U.S.C. 1602) is amended--
            (1) by redesignating subsection (aa) (relating to 
        disclosure of greater amount or percentage), as so designated 
        by section 1100A of Public Law 111-203, as subsection (bb);
            (2) by redesignating subsection (bb) (relating to high-cost 
        mortgages), as so designated by section 1100A of Public Law 
        111-203, as subsection (aa), and moving such subsection to 
        immediately follow subsection (z); and
            (3) in subsection (aa)(1)(A), as so redesignated--
                    (A) in clause (i)(I)--
                            (i) by striking ``(8.5 percentage points, 
                        if the dwelling is personal property and the 
                        transaction is for less than $50,000)''; and
                            (ii) by striking ``or'' at the end;
                    (B) in clause (i)(II), by adding ``or'' at the end;
                    (C) in clause (i), by adding at the end the 
                following:
                                    ``(III) by a first mortgage on a 
                                consumer's principal dwelling that is 
                                considered personal property (or is a 
                                consumer credit transaction that does 
                                not include the purchase of real 
                                property on which a dwelling is to be 
                                placed), the annual percentage rate at 
                                consummation of the transaction will 
                                exceed the average prime offer rate, as 
                                defined in section 129C(b)(2)(B), for a 
                                comparable transaction, by more than--
                                            ``(aa) 8.5 percentage 
                                        points, in the case of a 
                                        transaction in an amount of 
                                        $50,000 or more, but less than 
                                        $75,000 (as such amounts are 
                                        adjusted by the Bureau to 
                                        reflect the change in the 
                                        Consumer Price Index);
                                            ``(bb) 10.5 percentage 
                                        points, in the case of a 
                                        transaction in an amount of 
                                        more than $30,000, but less 
                                        than $50,000 (as such amounts 
                                        are adjusted by the Bureau to 
                                        reflect the change in the 
                                        Consumer Price Index); or
                                            ``(cc) 12.5 percentage 
                                        points, in the case of a 
                                        transaction in an amount of 
                                        $30,000 or less (as such amount 
                                        is adjusted by the Bureau to 
                                        reflect the change in the 
                                        Consumer Price Index), or a 
                                        higher percentage established 
                                        by the Bureau not to exceed 
                                        14.5 percentage points in such 
                                        cases, if the Bureau determines 
                                        that the lower rate would 
                                        restrict access to credit and 
                                        that raising the rate would not 
                                        have a detrimental impact on 
                                        consumer protection.''; and
                    (D) in clause (ii)--
                            (i) in subclause (I), by striking ``or'' at 
                        the end; and
                            (ii) by adding at the end the following:
                                    ``(III) in the case of a 
                                transaction for less than $75,000 in 
                                which the dwelling is considered 
                                personal property (or is a consumer 
                                credit transaction that does not 
                                include the purchase of real property 
                                on which a dwelling is to be placed) 
                                the greater of 5 percent of the total 
                                transaction amount or $3,000; or''.

Summary: Preserving Access to Manufactured Housing Act - Amends the S. A. F. E. Mortgage Licensing Act of 2008 to exclude a seller of manufactured homes from the definition of loan originator subject to such Act, unless such individual or entity is engaged in the business of a loan originator or receives compensation or gain for engaging in certain residential mortgage loan activities in excess of any compensation or gain received in a comparable cash transaction. Amends the Truth in Lending Act to revise the definition of high cost mortgage.