Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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 fol-
lowing: 
‘‘(4) SAFE HARBOR.— 
‘‘(A) IN GENERAL.—A residential mortgage 
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 
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‘‘(v) is a loan for which the covered in-
stitution considers, documents, and verifies 
the debt, income, and financial resources of 
the consumer in accordance with subpara-
graph (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 unless 
the legal title to such residential mortgage loan 
is sold, assigned, or otherwise transferred— 
‘‘(i) to another person by reason of the 
bankruptcy or failure of the covered institu-
tion 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, assignment, 
or transfer, if the loan is retained in port-
folio by such insured depository institution 
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 
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the covered institution that originated such 
loan by another person or of another person 
by a covered institution, if the loan is re-
tained 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 DOCUMENTATION 
REQUIREMENTS.—The consideration and docu-
mentation requirements described in subpara-
graph (A)(v) shall— 
‘‘(i) not be construed to require compli-
ance with, or documentation in accordance 
with, appendix Q to part 1026 of title 12, 
Code of Federal Regulations, or any suc-
cessor 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 
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an insured credit union that, together with 
its affiliates, has less than $10,000,000,000 
in total consolidated assets 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 Insurance 
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 periodic pay-
ments 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 peri-
odic payments will result in an increase in 
the principal of the loan.’’ 
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Union Calendar No. 438 
115TH CONGRESS 
2D SESSION 
H. R. 2226 
[Report No. 115–578] 
A BILL 
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. 
FEBRUARY 23, 2018 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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