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Bill115th CongressFiled Apr 28, 2017Finance and Financial Sector
H.R. 2226

Portfolio Lending and Mortgage Access Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Mar 6, 2018)

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.

What just happenedMar 7, 2018

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Barr, Andy [R-KY-6](R-KY)Sponsor
40 cosponsors1 D39 R
Read on Congress.gov
40cosponsors2committees16actions6related bills4subjects
  1. Mar 7, 2018IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Mar 6, 2018FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Mar 6, 2018FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H1389-1390)

  4. Mar 6, 2018Floor8000

    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)

  5. Mar 6, 2018FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 2226.

  6. Mar 6, 2018FloorH30000

    Considered under suspension of the rules. (consideration: CR H1389-1393)

  7. Mar 6, 2018FloorH30300

    Mr. Barr moved to suspend the rules and pass the bill, as amended.

  8. Feb 23, 2018CalendarsH12410

    Placed on the Union Calendar, Calendar No. 438.

  9. Feb 23, 2018CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-578.

    Financial Services Committee
  10. Feb 23, 2018Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-578.

    Financial Services Committee
  11. Jan 18, 2018Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 55 - 0.

    Financial Services Committee
  12. Jan 18, 2018Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  13. Jan 17, 2018Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  14. Apr 28, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  15. Apr 28, 2017IntroReferralIntro-H

    Introduced in House

  16. Apr 28, 2017IntroReferral1000

    Introduced in House

Passed House amendedMar 6, 201836

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.

Reported to House with amendment(s)Feb 23, 201817

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.

Introduced in HouseApr 28, 2017

Portfolio Lending and Mortgage Access Act

This bill amends the Truth in Lending Act to modify provisions related to residential mortgage loans. In general, a creditor that is a depository institution shall not be subject to suit for violating specified ability-to-pay requirements with respect to a residential mortgage loan if: (1) the creditor has consistently held the loan on its balance sheet, and (2) prepayment penalties associated with the loan comply with specified limitations. Similarly, a mortgage originator shall not be subject to suit for such a violation if: (1) the creditor is a depository institution; and (2) the creditor informs the mortgage originator, which informs the consumer, that the creditor intends to hold the loan on its balance sheet for the life of the loan.

Portfolio Lending and Mortgage Access Act — Informed