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H. Rept. 115-590 1 (2018-03-08)

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                   115TH CONGRESS                                     REPORT
                      2d Session    HOUSE OF REPRESENTATIVES          115-590





                      SECURING ACCESS TO AFFORDABLE MORTGAGES ACT


                    MARCH 8, 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

                                            together with

                                         MINORITY VIEWS

                                         [To accompany H.R. 3221]

                            [Including cost estimate of the Congressional Budget Office]
                     The Committee on Financial Services, to whom was referred the
                   bill (H.R. 3221) to provide exemptions under the Truth in Lending
                   Act and the Financial Institutions Reform, Recovery, and Enforce-
                   ment Act of 1989 to encourage access to affordable mortgages, and
                   for other purposes, having considered the same, report favorably
                   thereon without amendment and recommend that the bill do pass.
                                       PURPOSE AND SUMMARY
                     Introduced on July 13, 2017, by Representative Kustoff, H.R.
                   3221, the Securing Access to Affordable Mortgages Act amends
                   the Financial Institutions Reform, Recovery, and Enforcement Act
                   of 1989 and the Truth in Lending Act to exempt from property ap-
                   raisal requirements   certain  higher-risk mortgage   loans of
                   250,000 or less if the loan appears on the balance sheet of the
                   creditor of the loan for at least three years. It also exempts mort-
                   gage lenders and others involved in real estate transactions from
                   incurring penalties for failing to report appraiser misconduct.
                               BACKGROUND AND NEED FOR LEGISLATION
                     The Dodd-Frank Wall Street Reform and Consumer Protection
                   Act (P.L. 111-203) (Dodd-Frank Act) increased federal require-
                   ments for real estate appraisers and transferred some federal over-
                      79-006

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