Portfolio Lending and Mortgage Access Act

Bill: 115-hr-2226
Sponsor: Rep. Barr, Andy [R-KY-6]
Introduced: 2017-04-28 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: 2017-04-28
text: 

Portfolio Lending and Mortgage Access Act

 
This bill amends the Truth in Lending Act to modify provisions related to residential mortgage loans. In general, a creditor that is a depository institution shall not be subject to suit for violating specified ability-to-pay requirements with respect to a residential mortgage loan if: (1) the creditor has consistently held the loan on its balance sheet, and (2) prepayment penalties associated with the loan comply with specified limitations. Similarly, a mortgage originator shall not be subject to suit for such a violation if: (1) the creditor is a depository institution; and (2) the creditor informs the mortgage originator, which informs the consumer, that the creditor intends to hold the loan on its balance sheet for the life of the loan.

action_date: 2018-02-23
text: 

Portfolio Lending and Mortgage Access Act

 
(Sec. 2) This bill amends the Truth in Lending Act to allow a depository institution or credit union with assets below a specified threshold to forgo certain ability-to-pay requirements regarding residential mortgage loans. Specifically, those requirements are waived if a loan: (1) is originated by and continuously retained by the institution, (2) complies with requirements regarding prepayment penalties and points and fees, and (3) does not have negative amortization or interest-only terms. Furthermore, for such requirements to be waived, the institution must consider and verify the debt, income, and financial resources of the consumer.
 
The bill also provides for circumstances in which such requirements shall be waived with respect to a loan that is transferred: (1) by reason of bankruptcy or failure of the originating institution, (2) to a similar institution, (3) in the event of a merger, or (4) to a wholly owned subsidiary of the institution. 

action_date: 2018-03-06
text: 

Portfolio Lending and Mortgage Access Act

 
(Sec. 2) This bill amends the Truth in Lending Act to allow a depository institution or credit union with assets below a specified threshold to forgo certain ability-to-pay requirements regarding residential mortgage loans. Specifically, those requirements are waived if a loan: (1) is originated by and continuously retained by the institution, (2) complies with requirements regarding prepayment penalties and points and fees, and (3) does not have negative amortization or interest-only terms. Furthermore, for such requirements to be waived, the institution must consider and verify the debt, income, and financial resources of the consumer.
 
The bill also provides for circumstances in which such requirements shall be waived with respect to a loan that is transferred: (1) by reason of bankruptcy or failure of the originating institution, (2) to a similar institution, (3) in the event of a merger, or (4) to a wholly owned subsidiary of the institution. 


Legislative actions:
action_date: 2018-03-07
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2018-03-06
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2018-03-06
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H1389-1390)
action_date: 2018-03-06
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H1389-1390)
action_date: 2018-03-06
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 2226.
action_date: 2018-03-06
text: Considered under suspension of the rules. (consideration: CR H1389-1393)
action_date: 2018-03-06
text: Mr. Barr moved to suspend the rules and pass the bill, as amended.
action_date: 2018-02-23
text: Placed on the Union Calendar, Calendar No. 438.
action_date: 2018-02-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-578.
action_date: 2018-02-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-578.
action_date: 2018-01-18
text: Ordered to be Reported (Amended) by the Yeas and Nays: 55 - 0.
action_date: 2018-01-18
text: Committee Consideration and Mark-up Session Held.
action_date: 2018-01-17
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-04-28
text: Referred to the House Committee on Financial Services.
action_date: 2017-04-28
text: Introduced in House
action_date: 2017-04-28
text: Introduced in House