H.R. 5301 · 114th Congress
Seller Finance Enhancement Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
WilliamsSponsor17 cosponsors · 3 D, 14 R
D
Cuellar
MM
R
Mulvaney
RN
R
Neugebauer
BR
D
Rush
JB
R
Bridenstine
AG
D
Grayson
DH
R
Hunter
BB
R
Byrne
BB
R
Babin
KM
R
Marchant
DJ
R
Joyce
AB
R
Barr
SG
R
Graves
KC
R
Calvert
JC
R
Culberson
TE
R
Emmer
RW
R
Weber4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) originates not more than 24 residential mortgage loans in a 12-month period, and (2) only originates residential mortgage loans for property owned by that person.
What it does: CRS summary · Introduced in House · May 19, 2016
Seller Finance Enhancement Act
This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) originates not more than 24 residential mortgage loans in a 12-month period, and (2) only originates residential mortgage loans for property owned by that person.
For determining whether a residential mortgage loan meets minimum standards, the Truth in Lending Act is amended to prohibit the application to loans originated by such a person certain Consumer Financial Protection Bureau guidelines and regulations relating to ratios of total monthly debt to monthly income.
The Department of Housing and Urban Development and the Department of the Treasury shall study:
- the number of homes bought for under $150,000 or 60% of the median home value in a given community, whichever is lower, in the United States by utilizing seller financing;
- the number of such homes sold by licensed mortgage brokers;
- the potential number of such homes which could be sold but are not, because seller financiers are unwilling, or from a practical standpoint unable, to comply with mortgage broker rules; and
- the potential benefit to home values and wealth creation if more homes are able to be sold utilizing seller finance.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Seller Finance Enhancement Act
Latest action (May 19, 2016): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: May 19, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.