H.R.1210 - Portfolio Lending and Mortgage Access Act114th Congress (2015-2016)
|Sponsor:||Rep. Barr, Andy [R-KY-6] (Introduced 03/03/2015)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 114-330|
|Latest Action:||Senate - 11/19/2015 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
|Roll Call Votes:||There have been 2 roll call votes|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Text: H.R.1210 — 114th Congress (2015-2016)All Information (Except Text)
Text available as:
Referred in Senate (11/19/2015)
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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.
This Act may be cited as the “Portfolio Lending and Mortgage Access Act”.
(a) In general.—Section 129C of the Truth in Lending Act (15 U.S.C. 1639c) is amended by adding at the end the following:
“(A) IN GENERAL.—A creditor that is a depository institution shall not be subject to suit for failure to comply with subsection (a), (c)(1), or (f)(2) of this section or section 129H with respect to a residential mortgage loan, and the banking regulators shall treat such loan as a qualified mortgage, if—
“(i) the creditor has, since the origination of the loan, held the loan on the balance sheet of the creditor; and
“(ii) all prepayment penalties with respect to the loan comply with the limitations described under subsection (c)(3).
“(B) EXCEPTION FOR CERTAIN TRANSFERS.—In the case of a depository institution that transfers a loan originated by that institution to another depository institution by reason of the bankruptcy or failure of the originating depository institution or the purchase of the originating depository institution, the depository institution transferring such loan shall be deemed to have complied with the requirement under subparagraph (A)(i).
“(A) the creditor of such loan is a depository institution and has informed the mortgage originator that the creditor intends to hold the loan on the balance sheet of the creditor for the life of the loan; and
“(B) the mortgage originator informs the consumer that the creditor intends to hold the loan on the balance sheet of the creditor for the life of the loan.
“(A) BANKING REGULATORS.—The term ‘banking regulators’ means the Federal banking agencies, the Bureau, and the National Credit Union Administration.
“(B) DEPOSITORY INSTITUTION.—The term ‘depository institution’ has the meaning given that term under section 19(b)(1) of the Federal Reserve Act (12 U.S.C. 505(b)(1)).
“(C) FEDERAL BANKING AGENCIES.—The term ‘Federal banking agencies’ has the meaning given that term under section 3 of the Federal Deposit Insurance Act.”.
(b) Rule of construction.—Nothing in the amendment made by this Act may be construed as preventing a balloon loan from qualifying for the safe harbor provided under section 129C(j) of the Truth in Lending Act if the balloon loan otherwise meets all of the requirements under such subsection (j), regardless of whether the balloon loan meets the requirements described under clauses (i) through (iv) of section 129C(b)(2)(E) of such Act.
Passed the House of Representatives November 18, 2015.
|Attest:||karen l. haas,|