Portfolio Lending and Mortgage Access Act

House Bill 1210 - Portfolio Lending and Mortgage Access Act: Overview, Status, and Impact

Hozzl · 2023-01-11T13:28:14Z

Explore the details of House Bill 1210 Portfolio Lending and Mortgage Access Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/11/2023, 1:28 PM

Congressional Summary of HR 1210

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.

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Current Status of Bill HR 1210

Bill HR 1210 is currently in the status of Bill Introduced since March 3, 2015. Bill HR 1210 was introduced during Congress 114 and was introduced to the House on March 3, 2015. Bill HR 1210's most recent activity was Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of November 19, 2015

Bipartisan Support of Bill HR 1210

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1210

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Bank accounts, deposits, capital

- Banking and financial institutions regulation

- Civil actions and liability

- Housing finance and home ownership

Alternate Title(s) of Bill HR 1210

Portfolio Lending and Mortgage Access Act

To 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.

Portfolio Lending and Mortgage Access Act