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US HR3221

Securing Access to Affordable Mortgages Act


summary

Introduced
07/12/2017
In Committee
11/15/2017
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Securing Access to Affordable Mortgages Act (Sec. 2) This bill amends the Truth in Lending Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt from property appraisal requirements a mortgage loan of $250,000 or less if it appears on the loan creditor's balance sheet for at least three years. The bill exempts mortgage lenders and others involved in real estate transactions from incurring penalties for failing to report appraiser misconduct.

AI Summary

This bill, the Securing Access to Affordable Mortgages Act, amends the Truth in Lending Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt mortgage loans of $250,000 or less from property appraisal requirements if the loan appears on the creditor's balance sheet for at least three years. The bill also exempts mortgage lenders and others involved in real estate transactions from penalties for failing to report appraiser misconduct, in an effort to encourage access to affordable mortgages.

Committee Categories

Business and Industry

Sponsors (3)

Last Action

Placed on the Union Calendar, Calendar No. 448. (on 03/08/2018)

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