Portfolio Lending and Mortgage Access Act

1/11/2023, 1:28 PM

Portfolio Lending and Mortgage Access Act

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are 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 a 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 - 1210
Introduced on
2015-03-03
# Amendments
1
Sponsors
+5
Cosponsors
+5

Variations and Revisions

11/19/2015
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

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are 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 a 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 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:  James B. Renacci
Member:  Bruce Poliquin
Member:  Robert Pittenger
Member:  Kristi L. Noem
Member:  Luke Messer
Member:  Mick Mulvaney
Member:  Peter T. King
Member:  Randy Hultgren
Member:  Frank C. Guinta
Member:  Stephen Lee Fincher
Member:  Sean P. Duffy
Member:  Robert J. Dold
Member:  Keith J. Rothfus
Member:  David Young
Member:  Reid J. Ribble
Member:  Pete Olson
Member:  Marlin A. Stutzman
Member:  Ted Poe
Member:  Stevan Pearce
Member:  Randy Neugebauer
Member:  Kenny Marchant
Member:  Lee M. Zeldin
Member:  Mark Meadows
Member:  Carlos Curbelo
Member:  Chris Collins
Member:  Rod Blum
Member:  Susan W. Brooks
Amendment Update Alert:  114 hamdt 833 - An amendment made in order as original text consisting of the text of Rules Committee print 114-35, modified by the amendment printed in part B of House Report 114-341.

Recent Activity

Latest Summary8/29/2016

Portfolio Lending and Mortgage Access Act

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are depository institutions for any failure to comply with certain requirements wi...

Latest Action11/19/2015
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.