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U.S. GOVERNMENT
INFORMATION
GP
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-578
PORTFOLIO LENDING AND MORTGAGE ACCESS ACT
FEBRUARY 23, 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. 2226]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2226) to amend the Truth in Lending Act to provide a
safe harbor from certain requirements related to qualified mort-
gages for residential mortgage loans held on an originating deposi-
tory institution's portfolio, and for other purposes, having consid-
ered the same, report favorably thereon with an amendment and
recommend that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Portfolio Lending and Mortgage Access Act.
SEC. 2. MINIMUM STANDARDS FOR RESIDENTIAL MORTGAGE LOANS.
Section 129C(b) of the Truth in Lending Act (15 U.S.C. 1639c(b)) is amended by
adding at the end the following:
(4) SAFE HARBOR.-
(A) IN GENERAL.-A residential mortgage loan shall be deemed a quali-
fied mortgage loan for purposes of this subsection if the loan-
(i) is originated by, and continuously retained in the portfolio of, a
covered institution;
(ii) is in compliance with the limitations with respect to prepayment
penalties described in subsections (c)(1) and (c)(3);
(iii) is in compliance with the requirements related to points and
fees under paragraph (2)(A)(vii);
(iv) does not have negative amortization terms or interest-only
terms; and
(v) is a loan for which the covered institution considers, documents,
and verifies the debt, income, and financial resources of the consumer
in accordance with subparagraph (C).
(B) EXCEPTION FOR CERTAIN TRANSFERS.-Subparagraph (A) shall not
apply to a residential mortgage loan if the legal title to such residential
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