H.R. 1113
Referred to CommitteePortfolio Lending and Mortgage Access Act
Latest Action
Referred to the House Committee on Financial Services.
2/26/2015 • House
Summary
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 insured 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 an insured 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.
Introduced in House • 2/26/2015
Topics & Subjects
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Sponsor & Cosponsors (17)
Party Breakdown
Sponsor
Cosponsors (16)
Bill Journey
Originated in the House
Introduced
February 26, 2015
Referred to the House Committee on Financial Services.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law
Text Versions (1)
Related Bills (5)
H.R. 1210
Portfolio Lending and Mortgage Access Act
H.R. 1233
CLEARR Act of 2015
H.R. 1389
American Jobs and Community Revitalization Act of 2015
S. 2995
Portfolio Lending and Mortgage Access Act
H.R. 5983
Financial CHOICE Act of 2016