Access to Affordable Mortgages Act of 2014

Bill: 113-hr-5148
Sponsor: full_name: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2014-07-17
Policy area: Housing and Community Development
Subjects: Accounting and auditing

Administrative law and regulatory procedures

Banking and financial institutions regulation

Business records

Department of the Treasury

Federal Deposit Insurance Corporation (FDIC)

Federal Reserve System

Housing finance and home ownership

Real estate business
Latest action: action_date: 2014-07-30
text: Ordered to be Reported by the Yeas and Nays: 31 - 23.

Summaries:
action_date: 2014-07-17
action_desc: Introduced in House
text: <p>Access to Affordable Mortgages Act of 2014 - Amends the Truth in Lending Act to exempt from property appraisal requirements certain higher-risk mortgage loans of $250,000 or less if such a loan appears on the balance sheet of the creditor of the loan for at least three years.</p> <p>Exempts certain individuals required to make such reports from penalties for failure to report any appraisers reasonably suspected of failing to comply with the Uniform Standards of Professional Appraisal Practice, of violating applicable laws, or of otherwise engaging in unethical or unprofessional conduct.</p> <p>Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt such higher-risk mortgage loans from property appraisal or evaluation standard requirements. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 5148 IN THE HOUSE OF REPRESENTATIVES July 17, 2014 Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Truth in Lending Act to exempt certain higher-risk mortgages from property appraisal requirements and to exempt individuals from penalties for failure to report certain appraisers, and to amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt certain higher-risk mortgages from property appraisal requirements, and for other purposes.

1. Short title This Act may be cited as the Access to Affordable Mortgages Act of 2014 . 2. 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 higher-Risk mortgages This section shall not apply to a higher-risk mortgage loan of $250,000 or less if such loan appears on the balance sheet of the creditor of such loan for a period of not less than 3 years. . 3. 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), . 4. 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 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 the following: (b) Additional standards Each such agency or instrumentality described under subsection (a) ; and (3) by adding at the end the following new subsection: (c) Exception for certain higher-Risk mortgage loans Standards prescribed under this section shall not apply to a real estate appraisal or evaluation conducted in connection with a higher-risk mortgage loan (as defined in section 129H(f) of the Truth in Lending Act ( 15 U.S.C. 1639h(f) )) of $250,000 or less if such loan appears on the balance sheet of the creditor of such loan for a period of not less than 3 years. .