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H. Rept. 114-53 1 (2015-04-06)

handle is hein.congrecreports/crptxrmz0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-53 PRESERVING ACCESS TO MANUFACTURED HOUSING ACT OF 2015 APRIL 6, 2015.-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. 650] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 650) to amend the Truth in Lending Act to modify the definitions of a mortgage originator and a high-cost mortgage, hav- ing considered the same, report favorably thereon without amend- ment and recommend that the bill do pass. PURPOSE AND SUMMARY H.R. 650, the Preserving Access to Manufactured Housing Act of 2015, provides technical clarifications to the definition of a mortgage originator for purposes of the Truth in Lending Act. The bill also amends the definition of a high cost mortgage to en- sure that consumers of small-balance residential loans have access to mortgage credit. BACKGROUND AND NEED FOR LEGISLATION The Home Ownership and Equity Protection Act (HOEPA) was enacted in 1994 as an amendment to the Truth in Lending Act (15 U.S.C. 1601 et seq.) to address abusive practices in refinancings and closed-end home equity loans with high interest rates or high fees. Since HOEPA's enactment, refinancings or home equity mort- gage loans meeting any of HOEPA's high-cost coverage tests have been subject to special disclosure requirements and restrictions on loan terms, and consumers with high-cost mortgages have had en- hanced remedies for violations of the law. HOEPA identifies a class of high-cost mortgage loans through rate and fee triggers, and it 49-006

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