Portfolio Lending and Mortgage Access Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Feb 26, 2015)
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.
What just happenedFeb 26, 2015
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseFeb 26, 2015
- Feb 26, 2015IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Feb 26, 2015IntroReferralIntro-H
Introduced in House
- Feb 26, 2015IntroReferral1000
Introduced in House