H. Rept. 115-528 1 (2018-01-29)

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                   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
                      79-006

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