H.R. 2226: Portfolio Lending and Mortgage Access Act
CBO Score
$1 million
Documentation
Date of Report
Fri February 9th, 2018
CBO Report Details
Legislation Details
115th Congress
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.
Sponsor: Rep. Garland Barr — R — KY
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 nega...
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