S. 2995
Referred to CommitteePortfolio Lending and Mortgage Access Act
Latest Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
5/26/2016 • Senate
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 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.
Introduced in Senate • 5/26/2016
Topics & Subjects
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Bill Journey
Originated in the Senate
Introduced
May 26, 2016
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law
Text Versions (1)
Related Bills (5)
H.R. 1113
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. 1484
Financial Regulatory Improvement Act of 2015
H.R. 5983
Financial CHOICE Act of 2016