summary
Introduced
02/26/2015
02/26/2015
In Committee
02/26/2015
02/26/2015
Crossed Over
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
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.
AI Summary
This bill, the Portfolio Lending and Mortgage Access Act, amends the Truth in Lending Act to provide a "safe harbor" from lawsuits for certain lenders and mortgage originators. An "insured depository institution" (like a bank) that originates a residential mortgage loan and keeps it on its own books (its "balance sheet") for the entire life of the loan, and whose prepayment penalties meet specific limits, will be protected from lawsuits for failing to comply with certain mortgage requirements. These protected loans will also be treated as "qualified mortgages" by banking regulators, meaning they meet certain standards for borrower affordability. Additionally, mortgage originators are protected from lawsuits for steering consumers to a loan if the bank intends to hold the loan long-term and informs the originator, and the originator then informs the consumer. This aims to encourage banks to hold mortgages they originate rather than immediately selling them.
Committee Categories
Business and Industry
Sponsors (17)
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),
Last Action
Referred to the House Committee on Financial Services. (on 02/26/2015)
Official Document
bill text
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