Bill > HR2226

Introduced Session

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.

Committee Categories

Andy Barr (R)*,  Mark Amodei (R),  Jodey Arrington (R),  Rod Blum (R),  Brendan Boyle (D),  Mike Coffman (R),  Tom Cole (R),  Warren Davidson (R),  Sean Duffy (R),  Tom Emmer (R),  French Hill (R),  Trey Hollingsworth (R),  Bill Huizenga (R),  Randy Hultgren (R),  Bill Johnson (R),  Peter King (R),  Steve King (R),  David Kustoff (R),  Barry Loudermilk (R),  Frank Lucas (R),  Blaine Luetkemeyer (R),  Kenny Marchant (R),  Patrick McHenry (R),  Luke Messer (R),  Stevan Pearce (R),  Robert Pittenger (R),  Ted Poe (R),  Bruce Poliquin (R),  Bill Posey (R),  Dennis Ross (R),  Keith Rothfus (R),  Edward Royce (R),  Chris Stewart (R),  Steve Stivers (R),  Claudia Tenney (R),  Scott Tipton (R),  David Trott (R),  Ann Wagner (R),  Tim Walberg (R),  Roger Williams (R),  Steve Womack (R), 

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 03/07/2018)

Official Document