Self-Employed Mortgage Access Act of 2019

Self-Employed Mortgage Access Act of 2019

This bill allows creditors to use certain alternative standards when evaluating an applicant's ability to pay for purposes of obtaining a home mortgage.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2445 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 2445

 To provide minimum standards for transactions secured by a dwelling, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 1, 2019

 Mr. Emmer (for himself and Mr. Foster) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To provide minimum standards for transactions secured by a dwelling, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Self-Employed Mortgage Access Act of 
2019''.

SEC. 2. ABILITY TO REPAY.

    (a) Definitions.--In this section--
            (1) the term ``Appendix Q'' means Appendix Q to part 1026 
        of title 12, Code of Federal Regulations;
            (2) the term ``Bureau'' means the Bureau of Consumer 
        Financial Protection;
            (3) the terms ``consumer'' and ``creditor'' have the 
        meanings given those terms in section 1026.2 of title 12, Code 
        of Federal Regulations;
            (4) the term ``enterprise'' has the meaning given the term 
        in section 1303 of the Federal Housing Enterprises Financial 
        Safety and Soundness Act of 1992 (12 U.S.C. 4502); and
            (5) the term ``Federal Home Loan Bank'' has the meaning 
        given the term in section 2 of the Federal Home Loan Bank Act 
        (12 U.S.C. 1422).
    (b) Determination of Creditor Requirements.--Not later than 1 year 
after the date of enactment of this Act, the Bureau shall amend section 
1026.43 of title 12, Code of Federal Regulations, to provide that, with 
respect to any creditor requirements under clauses (v) and (vi) of 
subsection (e)(2) of that section, the creditor may, in satisfying 
those requirements, rely on--
            (1) the standards under Appendix Q; or
            (2) a guide or handbook that--
                    (A) provides standards with respect to determining 
                income and debt; and
                    (B) is maintained by--
                            (i) an enterprise or a Federal Home Loan 
                        Bank, subject to the approval of the Federal 
                        Housing Finance Agency;
                            (ii) the Department of Housing and Urban 
                        Development with respect to carrying out a 
                        program under title II of the National Housing 
                        Act (12 U.S.C. 1707 et seq.);
                            (iii) the Department of Veterans Affairs;
                            (iv) the Department of Agriculture with 
                        respect to carrying out the Doug Bereuter 
                        Section 502 Single Family Housing Loan 
                        Guarantee Act (42 U.S.C. 1472(h)); or
                            (v) the Rural Housing Service.
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