Portfolio Lending and Mortgage Access Act

Summary

Portfolio Lending and Mortgage Access Act This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are depository institutions for any failure to comply with certain requirements with respect to a residential mortgage loan, and the banking regulators are required to treat such a loan as a qualified mortgage, if the creditor has, since the loan's origination, held it on its balance sheet and all prepayment penalties with respect to the loan comply with specified limitations. A safe harbor from lawsuit is also created for mortgage originators for steering a consumer to a residential mortgage loan if: the creditor is a depository institution and has informed the mortgage originator that it intends to hold the loan on its balance sheet for the life of the loan, and the mortgage originator informs the consumer that the creditor intends to do so.

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Timeline

1. 26 May 2016

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 26 May 2016

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 26 May 2016 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 May 2016

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 May 2016

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 26 May 2016

  Open at official source

Sponsors

• Rand Paul · R · Sponsor
• · ssbk00 · Standing

Related records

• related to → Portfolio Lending and Mortgage Access Act
• related to → CLEARR Act of 2015
• related to → American Jobs and Community Revitalization Act of 2015
• related to → Financial Regulatory Improvement Act of 2015
• related to ← Financial CHOICE Act of 2016