SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Portfolio Lending and 
Mortgage Access Act’’. 
SEC. 2. MINIMUM STANDARDS FOR RESIDENTIAL MORT-
GAGE LOANS. 
Section 129C(b) of the Truth in Lending Act (15 
U.S.C. 1639c(b)) is amended by adding at the end the 
following: 
‘‘(4) SAFE HARBOR.— 
‘‘(A) IN
GENERAL.—A residential mort-
gage loan shall be deemed a qualified mortgage 
loan for purposes of this subsection if the 
loan— 
‘‘(i) is originated by, and continuously 
retained in the portfolio of, a covered insti-
tution; 
‘‘(ii) is in compliance with the limita-
tions with respect to prepayment penalties 
described in subsections (c)(1) and (c)(3); 
‘‘(iii) is in compliance with the re-
quirements related to points and fees 
under paragraph (2)(A)(vii); 
‘‘(iv) does not have negative amortiza-
tion terms or interest-only terms; and 
‘‘(v) is a loan for which the covered 
institution 
considers, 
documents, 
and
verifies the debt, income, and financial re-
sources of the consumer in accordance with 
subparagraph (C). 
‘‘(B) EXCEPTION
FOR
CERTAIN
TRANS-
FERS.—Subparagraph (A) shall not apply to a 
residential mortgage loan if the legal title to 
such residential mortgage loan is sold, assigned, 
or otherwise transferred to another person un-
less the legal title to such residential mortgage 
loan is sold, assigned, or otherwise trans-
ferred— 
‘‘(i) to another person by reason of 
the bankruptcy or failure of the covered in-
stitution that originated such loan; 
‘‘(ii) to an insured depository institu-
tion or insured credit union that has less 
than $10,000,000,000 in total consolidated 
assets on the date of such sale, assign-
ment, or transfer, if the loan is retained in 
portfolio by such insured depository insti-
tution or insured credit union; 
‘‘(iii) pursuant to a merger of the cov-
ered institution that originated such loan 
with another person or the acquisition of a 
the covered institution that originated such
loan by another person or of another per-
son by a covered institution, if the loan is 
retained in portfolio by the person to whom 
the loan is sold, assigned, or otherwise 
transferred; or 
‘‘(iv) to a wholly owned subsidiary of 
the covered institution that originated such 
loan if the loan is considered to be an asset 
of such covered institution for regulatory 
accounting purposes. 
‘‘(C) CONSIDERATION
AND
DOCUMENTA-
TION REQUIREMENTS.—The consideration and 
documentation requirements described in sub-
paragraph (A)(v) shall— 
‘‘(i) not be construed to require com-
pliance with, or documentation in accord-
ance with, appendix Q to part 1026 of title 
12, Code of Federal Regulations, or any 
successor regulation; and 
‘‘(ii) be construed to permit multiple 
methods of documentation. 
‘‘(D) DEFINITIONS.—In this paragraph— 
‘‘(i) the term ‘covered institution’ 
means an insured depository institution or 
an insured credit union that, together with
its 
affiliates, 
has 
less 
than 
$10,000,000,000 in total consolidated as-
sets on the date on the origination of a 
residential mortgage loan; 
‘‘(ii) the term ‘insured credit union’ 
has the meaning given the term in section 
101 of the Federal Credit Union Act (12 
U.S.C. 1752); 
‘‘(iii) the term ‘insured depository in-
stitution’ has the meaning given the term 
in section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813); 
‘‘(iv) the term ‘interest-only term’ 
means a term of a residential mortgage 
loan that allows one or more of the peri-
odic payments made under the loan to be 
applied solely to accrued interest and not 
to the principal of the loan; and 
‘‘(v) the term ‘negative amortization 
term’ means a term of a residential mort-
gage loan under which the payment of
periodic payments will result in an increase 
in the principal of the loan.’’. 
Passed the House of Representatives March 6, 
2018. 
Attest: 
Clerk.
115TH CONGRESS 
2D SESSION 
H. R. 2226 
AN ACT 
To amend the Truth in Lending Act to provide a 
safe harbor from certain requirements related to 
qualified mortgages for residential mortgage 
loans held on an originating depository institu-
tion’s portfolio, and for other purposes.