Portfolio Lending and Mortgage Access Act

1/11/2023, 1:28 PM

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.
Congress
114
Number
HR - 1113
Introduced on
2015-02-26
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

2/26/2015
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and 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.
Alternative Names
Official Title as IntroducedTo amend the Truth in Lending Act to provide a safe harbor from certain requirements related to qualified mortgages for residential mortgage loans held on an originating insured depository institution's portfolio, and for other purposes.
Policy Areas
Finance and Financial Sector
Potential Impact
Bank accounts, deposits, capital•
Banking and financial institutions regulation•
Civil actions and liability•
Housing finance and home ownership

Comments

Related

Member:  Scott R. Tipton
Member:  Marlin A. Stutzman
Member:  Keith J. Rothfus
Member:  Reid J. Ribble
Member:  Randy Neugebauer
Member:  Randy Hultgren
Member:  Stephen Lee Fincher
Member:  Robert J. Dold
Member:  Frank C. Guinta
Member:  Peter T. King
Member:  Sean P. Duffy
Bill Update Alert:  CLEARR Act of 2015
Bill Update Alert:  American Jobs and Community Revitalization Act of 2015

Recent Activity

Latest Summary4/7/2015

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 wit...

Latest Action2/26/2015
Referred to the House Committee on Financial Services.