H. Rept. 114-60 1 (2015-04-13)

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                   114TH CONGRESS                                      REPORT
                      1st Session   HOUSE  OF  REPRESENTATIVES         114-60





                      HELPING EXPAND LENDING PRACTICES IN RURAL
                                        COMMUNITIES ACT


                    APRIL 13, 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. 1259]

                            [Including cost estimate of the Congressional Budget Office]
                     The Committee  on Financial Services, to whom was referred the
                   bill (H.R. 1259) to provide for an application process for interested
                   parties to apply for an area to be designated as a rural area, and
                   for other purposes, having considered the same, report favorably
                   thereon without amendment  and  recommend  that the bill do pass.
                                        PURPOSE AND  SUMMARY
                     H.R.  1259, the Helping Expand   Lending  Practices in Rural
                   Communities  Act, directs the Consumer Financial Protection Bu-
                   reau (CFPB) to create a petition process under which a person who
                   lives or does business in a state may apply to have an area in the
                   state identified as a rural area if it has not yet been so designated
                   by the CFPB  for purposes of federal consumer financial law.
                               BACKGROUND   AND NEED  FOR LEGISLATION
                     The Dodd-Frank   Wall Street Reform  and Consumer   Protection
                   Act (Pub. L. No. 111-203) created a statutory requirement that an
                   originator of a residential mortgage loan must make a determina-
                   tion that the borrower has the ability to repay the loan. Lower-cost
                   loans that meet certain criteria prescribed by the CFPB in regula-
                   tions that became effective in January 2014 are treated as Quali-
                   fied Mortgages, and afforded a legal safe harbor from the penalties
                   associated with the failure to determine that a borrower has the
                   ability to repay. Generally, mortgage loans with balloon payments
                      49-006

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