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U.S. GOVERNMENT
INFORMATION
Gp
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-
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