S.2995 - Portfolio Lending and Mortgage Access Act114th Congress (2015-2016)
|Sponsor:||Sen. Paul, Rand [R-KY] (Introduced 05/26/2016)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 05/26/2016 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.2995 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (05/26/2016)
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 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.