H.R.1113 - Portfolio Lending and Mortgage Access Act114th Congress (2015-2016)
|Sponsor:||Rep. Barr, Andy [R-KY-6] (Introduced 02/26/2015)|
|Committees:||House - Financial Services|
|Latest Action:||House - 02/26/2015 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.1113 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (02/26/2015)
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 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.