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![handle is hein.congrecreports/crptxaazf0001 and id is 1 raw text is: AUT-ENTICATED
US. GOVERNMENT
INFORMATION
GP
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-528
HOUSING OPPORTUNITIES MADE EASIER ACT
JANUARY 29, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 2255]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2255) to clarify that nonprofit organizations may accept
donated mortgage appraisals, and for other purposes, having con-
sidered the same, report favorably thereon without amendment and
recommend that the bill do pass.
PURPOSE AND SUMMARY
Introduced by Representative Trott, H.R. 2255, the Housing Op-
portunities Made Easier Act amends the Truth in Lending Act
(TILA) to deem mortgage appraisal services donated by a fee ap-
praiser to an organization that is eligible to receive tax-deductible
charitable contributions to be customary and reasonable.
BACKGROUND AND NEED FOR LEGISLATION
Title XIV of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd Frank Act)(P.L. 111-203), also known as the
Mortgage Reform and Anti-Predatory Lending Act, made a number
of changes to the regulation of property appraisals. The Dodd-
Frank Act set new federal standards for the independence of ap-
praisers, mandated independence for appraisers, and created rules
for customary and reasonable fees.
Section 1472(i) of the Dodd-Frank Act directed the Bureau of
Consumer Financial Protection (CFPB) to establish reasonable and
customary fees for fee appraisers, professionals who furnish ap-
praisal services for a fee. The definition of fee appraiser excludes
employees of banks and appraisal management companies. Under
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