Summary: H.R.2226 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.2226. Bill summaries are authored by CRS.

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Introduced in House (04/28/2017)

Portfolio Lending and Mortgage Access Act

This bill amends the Truth in Lending Act to modify provisions related to residential mortgage loans. In general, a creditor that is a depository institution shall not be subject to suit for violating specified ability-to-pay requirements with respect to a residential mortgage loan if: (1) the creditor has consistently held the loan on its balance sheet, and (2) prepayment penalties associated with the loan comply with specified limitations. Similarly, a mortgage originator shall not be subject to suit for such a violation if: (1) the creditor is a depository institution; and (2) the creditor informs the mortgage originator, which informs the consumer, that the creditor intends to hold the loan on its balance sheet for the life of the loan.