H.R. 1210
Referred to CommitteePortfolio Lending and Mortgage Access Act
Latest Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
11/19/2015 • Senate
Summary
Portfolio Lending and Mortgage Access Act
(Sec. 2) 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:
- the creditor is a 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.
Passed House amended • 11/18/2015
Topics & Subjects
CBO Cost Estimates (1)
Amendments (1)
This bill has 1 amendment proposed or adopted.
View all amendments on Congress.govCongressional Votes (2)
On Passage
November 18, 2015
On Motion to Recommit with Instructions
November 18, 2015
Related Federal Spending
Sponsor & Cosponsors (55)
Party Breakdown
Sponsor
Cosponsors (54)
Bill Journey
Originated in the House
Introduced
March 3, 2015
Committee Review
April 16, 2015
Floor Debate
November 18, 2015
Passed Chamber
November 18, 2015
Other Chamber
President
Failed
November 18, 2015
Text Versions (4)
Committee Reports (1)
Related Bills (6)
H.R. 1233
CLEARR Act of 2015
H.R. 1113
Portfolio Lending and Mortgage Access Act
H.R. 1389
American Jobs and Community Revitalization Act of 2015
H.Res. 529
Providing for consideration of the bill (H.R. 1210) 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; providing for consideration of the bill (H.R 3189) to amend the Federal Reserve Act to establish requirements for policy rules and blackout periods of the Federal Open Market Committee, to establish requirements for certain activities of the Board of Governors of the Federal Reserve System, and to amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited, and for other purposes; and providing for proceedings during the period from November 20, 2015, through November 27, 2015.
H.R. 5983
Financial CHOICE Act of 2016
H.R. 2226
Portfolio Lending and Mortgage Access Act