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
(Sec. 2) This bill amends the Truth in Lending Act to allow a depository institution or credit union with assets below a specified threshold to forgo certain ability-to-pay requirements regarding residential mortgage loans. Specifically, those requirements are waived if a loan: (1) is originated by and continuously retained by the institution, (2) complies with requirements regarding prepayment penalties and points and fees, and (3) does not have negative amortization or interest-only terms. Furthermore, for such requirements to be waived, the institution must consider and verify the debt, income, and financial resources of the consumer.
The bill also provides for circumstances in which such requirements shall be waived with respect to a loan that is transferred: (1) by reason of bankruptcy or failure of the originating institution, (2) to a similar institution, (3) in the event of a merger, or (4) to a wholly owned subsidiary of the institution.
Committee on Appropriations Senate Subcommittee on Financial Services and General Government. Hearings held on the subject prior to measure being received from the House. Hearings printed: S. Hrg. 115-191.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 230.
Became Public Law No: 115-174.
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 55 - 0.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-578.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-578.
Placed on the Union Calendar, Calendar No. 438.
Mr. Barr moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H1389-1393)
DEBATE - The House proceeded with forty minutes of debate on H.R. 2226.
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Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H1389-1390)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H1389-1390)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.