Portfolio Lending and Mortgage Access Act

Bill: 114-hr-1210
Sponsor: Rep. Barr, Andy [R-KY-6]
Introduced: 2015-03-03 in the House
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital
Banking and financial institutions regulation
Civil actions and liability
Housing finance and home ownership

Summary:
action_date: 2015-03-03
text: 

Portfolio Lending and Mortgage Access Act

 
 This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are depository institutions for any failure to comply with certain requirements with respect to a residential mortgage loan, and the banking regulators are required to treat such a loan as a qualified mortgage, if the creditor has, since the loan's origination, held it on its balance sheet and all prepayment penalties with respect to the loan comply with specified limitations.
 
A safe harbor from lawsuit is also created for mortgage originators for steering a consumer to a residential mortgage loan if:
 
 
the creditor is a depository institution and has informed the mortgage originator that it intends to hold the loan on its balance sheet for the life of the loan, and
 
the mortgage originator informs the consumer that the creditor intends to do so.
 

action_date: 2015-11-18
text: 

Portfolio Lending and Mortgage Access Act

 
(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are depository institutions for any failure to comply with certain requirements with respect to a residential mortgage loan, and the banking regulators are required to treat such a loan as a qualified mortgage, if the creditor has, since the loan's origination, held it on its balance sheet and all prepayment penalties with respect to the loan comply with specified limitations.
 
A safe harbor from lawsuit is also created for mortgage originators for steering a consumer to a residential mortgage loan if:
 
 
the creditor is a depository institution and has informed the mortgage originator that it intends to hold the loan on its balance sheet for the life of the loan, and
 
the mortgage originator informs the consumer that the creditor intends to do so. 
 


Legislative actions:
action_date: 2015-11-19
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2015-11-18
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2015-11-18
text: On passage Passed by the Yeas and Nays: 255 - 174 (Roll no. 636). (text: CR H8312)
action_date: 2015-11-18
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 255 - 174 (Roll no. 636).(text: CR H8312)
action_date: 2015-11-18
text: On motion to recommit with instructions Failed by the Yeas and Nays: 184 - 242 (Roll no. 635).
action_date: 2015-11-18
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H8320)
action_date: 2015-11-18
text: DEBATE - The House proceeded with 10 minutes of debate on the Thompson (CA) motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment pending a reservation of a point of order. Subsequently, the reservation was removed. The amendment retains features of the Qualified Mortgage rule with respect to consumers who are veterans and members of the Armed Forces.
action_date: 2015-11-18
text: Mr. Thompson (CA) moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H8319-8321; text: CR H8319)
action_date: 2015-11-18
text: The previous question was ordered pursuant to the rule. (consideration: CR H8319)
action_date: 2015-11-18
text: DEBATE - Pursuant to the provisions of H. Res. 529, the House proceeded with one hour of general debate on H.R. 1210.
action_date: 2015-11-18
text: Considered under the provisions of rule H. Res. 529. (consideration: CR H8311-8322)
action_date: 2015-11-17
text: Rules Committee Resolution H. Res. 529 Reported to House. Rule provides for consideration of H.R. 1210 and H.R. 3189. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Rule provides that H.R. 1210 shall be amended by the text of Rules Committee Print 114-34 and that the amendment printed in part A of the report from the Committee on Rules shall be separately debatable for 10 minutes. H.R. 3189 shall be amended by the text of Rules Committee Print 114-35 and modified by the amendment printed in Part B of the report. No further amendments other than those printed in Part C of the report shall be in order for H.R. 3189.
action_date: 2015-11-16
text: Placed on the Union Calendar, Calendar No. 251.
action_date: 2015-11-16
text: Reported by the Committee on Financial Services. H. Rept. 114-330.
action_date: 2015-11-16
text: Reported by the Committee on Financial Services. H. Rept. 114-330.
action_date: 2015-07-29
text: Ordered to be Reported by the Yeas and Nays: 38 - 18.
action_date: 2015-07-29
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-07-28
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-06-11
text: Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
action_date: 2015-04-16
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2015-03-03
text: Referred to the House Committee on Financial Services.
action_date: 2015-03-03
text: Introduced in House
action_date: 2015-03-03
text: Introduced in House