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Bill114th CongressFiled Mar 3, 2015Finance and Financial Sector
H.R. 1210

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 (Nov 18, 2015)

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.

What just happenedNov 19, 2015

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
54 cosponsors54 R
Read on Congress.gov
54cosponsors2committees23actions1amendments6related bills4subjects
  1. Nov 19, 2015IntroReferral

    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. Nov 18, 2015FloorH38310

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

  3. Nov 18, 2015FloorH37100

    On passage Passed by the Yeas and Nays: 255 - 174 (Roll no. 636). (text: CR H8312)

  4. Nov 18, 2015Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 255 - 174 (Roll no. 636).(text: CR H8312)

  5. Nov 18, 2015FloorH36110

    On motion to recommit with instructions Failed by the Yeas and Nays: 184 - 242 (Roll no. 635).

    Financial Services Committee
  6. Nov 18, 2015FloorH8A000

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H8320)

  7. Nov 18, 2015FloorH8D000

    DEBATE - The House proceeded with 10 minutes of debate on the Thompson (CA) motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment pending a reservation of a point of order. Subsequently, the reservation was removed. The amendment retains features of the Qualified Mortgage rule with respect to consumers who are veterans and members of the Armed Forces.

  8. Nov 18, 2015FloorH36100

    Mr. Thompson (CA) moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H8319-8321; text: CR H8319)

    Financial Services Committee
  9. Nov 18, 2015FloorH35000

    The previous question was ordered pursuant to the rule. (consideration: CR H8319)

  10. Nov 18, 2015FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 529, the House proceeded with one hour of general debate on H.R. 1210.

  11. Nov 18, 2015FloorH30000

    Considered under the provisions of rule H. Res. 529. (consideration: CR H8311-8322)

  12. Nov 17, 2015FloorH1L210

    Rules Committee Resolution H. Res. 529 Reported to House. Rule provides for consideration of H.R. 1210 and H.R. 3189. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Rule provides that H.R. 1210 shall be amended by the text of Rules Committee Print 114-34 and that the amendment printed in part A of the report from the Committee on Rules shall be separately debatable for 10 minutes. H.R. 3189 shall be amended by the text of Rules Committee Print 114-35 and modified by the amendment printed in Part B of the report. No further amendments other than those printed in Part C of the report shall be in order for H.R. 3189.

  13. Nov 16, 2015CalendarsH12410

    Placed on the Union Calendar, Calendar No. 251.

  14. Nov 16, 2015CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 114-330.

    Financial Services Committee
  15. Nov 16, 2015Committee5000

    Reported by the Committee on Financial Services. H. Rept. 114-330.

    Financial Services Committee
  16. Jul 29, 2015Committee

    Ordered to be Reported by the Yeas and Nays: 38 - 18.

    Financial Services Committee
  17. Jul 29, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  18. Jul 28, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  19. Jun 11, 2015Committee

    Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

    Consumer Protection and Financial Institutions Subcommittee
  20. Apr 16, 2015Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held.

    Banking, Housing, and Urban Affairs Committee
  21. Mar 3, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  22. Mar 3, 2015IntroReferralIntro-H

    Introduced in House

  23. Mar 3, 2015IntroReferral1000

    Introduced in House

Passed House amendedNov 18, 201536

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.
Introduced in HouseMar 3, 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 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.
Portfolio Lending and Mortgage Access Act — Informed