A bill 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
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:
Referred to the House Committee on Financial Services.
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Placed on the Union Calendar, Calendar No. 693.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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