Title: Securing Access to Affordable Mortgages Act
Policy area: Housing and Community Development

Summary:
Securing Access to Affordable Mortgages Act
This bill amends the Truth in Lending Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt from property appraisal requirements a mortgage loan of $250,000 or less if it appears on the loan creditor's balance sheet for at least three years.
The bill exempts mortgage lenders and others involved in real estate transactions from incurring penalties for failing to report appraiser misconduct.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3221 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3221

To provide exemptions under the Truth in Lending Act and the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 to encourage 
        access to affordable mortgages, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 13, 2017

 Mr. Kustoff of Tennessee (for himself and Mr. Luetkemeyer) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To provide exemptions under the Truth in Lending Act and the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 to encourage 
        access to affordable mortgages, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Securing Access to Affordable 
Mortgages Act''.

SEC. 2. ACCESS TO AFFORDABLE MORTGAGES.

    (a) Exemption From Property Appraisal Requirements for Lower-Cost 
Dwellings.--Section 129H of the Truth in Lending Act (15 U.S.C. 1639h) 
is amended by adding at the end the following new subsection:
    ``(g) Exemption for Certain Mortgages.--The Bureau, the Comptroller 
of the Currency, the Federal Deposit Insurance Corporation, the 
National Credit Union Administration Board, and the Federal Housing 
Finance Agency shall exempt, by rule, a mortgage loan of $250,000 or 
less from the requirements of this section if such loan appears on the 
balance sheet of the creditor of such loan for a period of not less 
than 3 years.''.
    (b) Exemption From Penalties for Failure To Report Appraisers.--
Paragraph (1) of section 129E(k) of the Truth in Lending Act (15 U.S.C. 
1639e(k)(1)) is amended by inserting after ``this section'' the 
following: ``, other than subsection (e),''.
    (c) Exemption From Appraisal Standard Requirements for Lower-Cost 
Dwellings.--Section 1110 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 3339) is amended--
            (1) by striking ``Each Federal financial institutions 
        regulatory agency and the Resolution Trust Corporation'' and 
        inserting the following:
    ``(a) Real Estate Appraisals in Connection With Federally Related 
Transactions.--Each Federal financial institutions regulatory agency'';
            (2) by striking ``each such agency or instrumentality'' and 
        inserting ``each such agency'';
            (3) in the flush left matter following paragraph (3), by 
        striking ``Each such agency or instrumentality'' and inserting 
        the following:
    ``(b) Additional Standards.--Each such agency described under 
subsection (a)''; and
            (4) by adding at the end the following new subsection:
    ``(c) Exemption for Certain Mortgage Loans.--Each such agency 
described under subsection (a) shall exempt, by rule, a real estate 
appraisal or evaluation conducted in connection with a mortgage loan of 
$250,000 or less from the standards prescribed under this section, if 
such loan appears on the balance sheet of the creditor of such loan for 
a period of not less than 3 years.''.
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