US S2013

Bill

Portfolio Lending and Mortgage Access Act

Introduced
10/26/2017

In Committee
10/26/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Portfolio Lending and Mortgage Access Act This bill amends the Truth in Lending Act to modify provisions related to residential mortgage loans. In general, a creditor that is a depository institution shall not be subject to suit for violating specified ability-to-pay requirements with respect to a residential mortgage loan if: (1) the creditor has consistently held the loan on its balance sheet, and (2) prepayment penalties associated with the loan comply with specified limitations. Similarly, a mortgage originator shall not be subject to suit for such a violation if: (1) the creditor is a depository institution; and (2) the creditor informs the mortgage originator, which informs the consumer, that the creditor intends to hold the loan on its balance sheet for the life of the loan.

AI Summary

This bill amends the Truth in Lending Act to create a safe harbor from certain ability-to-pay requirements for residential mortgage loans held on the balance sheet of the originating depository institution. Specifically, the bill states that a depository institution shall not be subject to suit for failing to comply with the ability-to-pay requirements if the institution has consistently held the loan on its balance sheet since origination, and the prepayment penalties comply with certain limitations. Additionally, the bill provides a safe harbor for mortgage originators who steer consumers to loans held on the originating depository institution's balance sheet, as long as the originator informs the consumer of the lender's intent to hold the loan.

Committee Categories

Housing and Urban Affairs

Sponsors (1)

David Perdue (R)*,

Last Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 10/26/2017)

Official Document

https://www.congress.gov/bill/115th-congress/senate-bill/2013/all-info

(5 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/senate-bill/2013/all-info
BillText	https://www.congress.gov/115/bills/s2013/BILLS-115s2013is.pdf
Bill	https://www.congress.gov/115/bills/s2013/BILLS-115s2013is.pdf.pdf

Bill	Bill Name	Last Action	Type
HR10	Financial CHOICE Act of 2017	Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.	Related
HR2133	CLEARR Act of 2017 Community Lending Enhancement and Regulatory Relief Act of 2017	Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.	Related
HR2226	Portfolio Lending and Mortgage Access Act	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.	Same As
HR3280	Financial Services and General Government Appropriations Act, 2018	Committee on Appropriations Senate Subcommittee on Financial Services and General Government. Hearings held on the subject prior to measure being received from the House. Hearings printed: S. Hrg. 115-191.	Related
HR3354	Interior and Environment, Agriculture and Rural Development, Commerce, Justice, Science, Financial Services and General Government, Homeland Security, Labor, Health and Human Services, Education, State and Foreign Operations, Transportation, Housing and Urban Development, Defense, Military Construction and Veterans Affairs, Legislative Branch, and Energy and Water Development Appropriations Act, 2018 Make America Secure and Prosperous Appropriations Act, 2018	Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 230.	Related

Bill > S2013

US S2013

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary