I 

113TH CONGRESS 

2D SESSION H. R. 5148 

To amend the Truth in Lending Act to exempt certain higher-risk mortgages 

from property appraisal requirements and to exempt individuals from 

penalties for failure to report certain appraisers, and to amend the 

Financial Institutions Reform, Recovery, and Enforcement Act of 1989 

to exempt certain higher-risk mortgages from property appraisal requirements, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 17, 2014 

Mr. LUETKEMEYER introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To amend the Truth in Lending Act to exempt certain higher-risk mortgages from property appraisal requirements 

and to exempt individuals from penalties for failure to 

report certain appraisers, and to amend the Financial 

Institutions Reform, Recovery, and Enforcement Act of 

1989 to exempt certain higher-risk mortgages from property appraisal requirements, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Access to Affordable 

3 Mortgages Act of 2014’’. 

4 SEC. 2. EXEMPTION FROM PROPERTY APPRAISAL RE5 QUIREMENTS FOR LOWER-COST DWELLINGS. 

6 Section 129H of the Truth in Lending Act (15 

7 U.S.C. 1639h) is amended by adding at the end the fol8 lowing new subsection: 

9 ‘‘(g) EXEMPTION FOR HIGHER-RISK MORTGAGES.— 

10 This section shall not apply to a higher-risk mortgage loan 

11 of $250,000 or less if such loan appears on the balance 

12 sheet of the creditor of such loan for a period of not less 

13 than 3 years.’’. 

14 SEC. 3. EXEMPTION FROM PENALTIES FOR FAILURE TO RE15 PORT APPRAISERS. 

16 Paragraph (1) of section 129E(k) of the Truth in 

17 Lending Act (15 U.S.C. 1639e(k)(1)) is amended by in18 serting after ‘‘this section’’ the following: ‘‘, other than 

19 subsection (e),’’. 

20 SEC. 4. EXEMPTION FROM APPRAISAL STANDARD RE21 QUIREMENTS FOR LOWER-COST DWELLINGS. 

22 Section 1110 of the Financial Institutions Reform, 

23 Recovery, and Enforcement Act of 1989 (12 U.S.C. 3339) 

24 is amended— 

25 (1) by striking ‘‘Each Federal financial institu26 tions regulatory agency’’ and inserting the following: 


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1 ‘‘(a) REAL ESTATE APPRAISALS IN CONNECTION

2 WITH FEDERALLY RELATED TRANSACTIONS.—Each 

3 Federal financial institutions regulatory agency’’; 

4 (2) by striking ‘‘Each such agency or instru5 mentality’’ and inserting the following: 

6 ‘‘(b) ADDITIONAL STANDARDS.—Each such agency 

7 or instrumentality described under subsection (a)’’; and 

8 (3) by adding at the end the following new sub9 section: 

10 ‘‘(c) EXCEPTION FOR CERTAIN HIGHER-RISK MORT11 GAGE LOANS.—Standards prescribed under this section 

12 shall not apply to a real estate appraisal or evaluation con13 ducted in connection with a higher-risk mortgage loan (as 

14 defined in section 129H(f) of the Truth in Lending Act 

15 (15 U.S.C. 1639h(f))) of $250,000 or less if such loan 

16 appears on the balance sheet of the creditor of such loan 

17 for a period of not less than 3 years.’’. 

Æ 


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