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

handle is hein.congrecreports/crptxaazf0001 and id is 1 raw text is: AUT-ENTICATED

                   115TH CONGRESS                                     REPORT
                      2d Session    HOUSE  OF REPRESENTATIVES         115-528


                   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


                                        [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

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