H.R. 2226 · 115th Congress
Portfolio Lending and Mortgage Access Act
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 115th Congress ended.
R
BarrSponsor40 cosponsors · 1 D, 39 R
R
Amodei
RB
R
Blum
SD
R
Duffy
WD
R
Davidson
TE
R
Emmer
BH
R
Huizenga
RH
R
Hultgren
JH
R
Hill
TH
R
Hollingsworth
BJ
R
Johnson
PK
R
King
DK
R
Kustoff
FL
R
Lucas
BL
R
Luetkemeyer
BL
R
Loudermilk
PM
R
McHenry
KM
R
Marchant
LM
R
Messer
SP
R
Pearce
BP
R
Posey
RP
R
Pittenger
BP
R
Poliquin
ER
R
Royce
KR
R
Rothfus
SS
R
Stivers
CS
R
Stewart
ST
R
Tipton
DT
R
Trott
TW
R
Walberg
AW
R
Wagner
RW
R
Williams
JA
R
Arrington
CT
R
Tenney
DR
R
Ross
SK
R
King
TP
R
Poe
MC
R
Coffman
SW
R
Womack
BB
D
Boyle
TC
R
Cole31 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Apr 28, 2017
- House Passed Mar 6, 2018
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 it does: CRS summary · 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Portfolio Lending and Mortgage Access Act
Latest action (Mar 7, 2018): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 28, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Apr 28, 2017
- House Passed Mar 6, 2018
No recorded floor vote found.