Bill > HR1113

Introduced Session

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 insured 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 an insured 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.

Committee Categories

Andy Barr (R)*,  Robert Dold (R),  Sean Duffy (R),  Stephen Fincher (R),  Frank Guinta (R),  French Hill (R),  Randy Hultgren (R),  Peter King (R),  Frank Lucas (R),  Blaine Luetkemeyer (R),  Randy Neugebauer (R),  Reid Ribble (R),  Keith Rothfus (R),  Steve Stivers (R),  Marlin Stutzman (R),  Scott Tipton (R),  Randy Weber (R), 

Referred to the House Committee on Financial Services. (on 02/26/2015)

Official Document