H.R. 1210House114th Congress (2015-2017)Passed House

Portfolio Lending and Mortgage Access Act

Legislative Activity

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20 earlier actions

SenateIntro Referral Latest Action

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

Banking, Housing, and Urban Affairs Committee

November 19, 2015

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HouseIntro Referral

Introduced in House

March 3, 2015

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

March 3, 2015

SenateCommittee

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 114-49.

Banking, Housing, and Urban Affairs Committee

April 16, 2015

HouseCommittee

Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

June 11, 2015

HouseCommittee

Committee Consideration and Mark-up Session Held.

Financial Services Committee

July 28, 2015

HouseCommittee

Committee Consideration and Mark-up Session Held.

Financial Services Committee

July 29, 2015

HouseCommittee

Ordered to be Reported by the Yeas and Nays: 38 - 18.

Financial Services Committee

July 29, 2015

HouseCommittee

Reported by the Committee on Financial Services. H. Rept. 114-330.

Financial Services Committee

November 16, 2015

HouseCalendars

Placed on the Union Calendar, Calendar No. 251.

November 16, 2015

HouseFloor

Rules Committee Resolution H. Res. 529 Reported to House. Rule provides for consideration of H.R. 1210 and H.R. 3189. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Rule provides that H.R. 1210 shall be amended by the text of Rules Committee Print 114-34 and that the amendment printed in part A of the report from the Committee on Rules shall be separately debatable for 10 minutes. H.R. 3189 shall be amended by the text of Rules Committee Print 114-35 and modified by the amendment printed in Part B of the report. No further amendments other than those printed in Part C of the report shall be in order for H.R. 3189.

November 17, 2015 • 5:41 PM

HouseFloor

Considered under the provisions of rule H. Res. 529. (consideration: CR H8311-8322)

November 18, 2015 • 3:23 PM

HouseFloor

DEBATE - Pursuant to the provisions of H. Res. 529, the House proceeded with one hour of general debate on H.R. 1210.

November 18, 2015 • 3:23 PM

HouseFloor

The previous question was ordered pursuant to the rule. (consideration: CR H8319)

November 18, 2015 • 4:30 PM

HouseFloor

Mr. Thompson (CA) moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H8319-8321; text: CR H8319)

Financial Services Committee

November 18, 2015 • 4:31 PM

HouseFloor

DEBATE - The House proceeded with 10 minutes of debate on the Thompson (CA) motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment pending a reservation of a point of order. Subsequently, the reservation was removed. The amendment retains features of the Qualified Mortgage rule with respect to consumers who are veterans and members of the Armed Forces.

November 18, 2015 • 4:31 PM

HouseFloor

The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H8320)

November 18, 2015 • 4:38 PM

HouseFloor

On motion to recommit with instructions Failed by the Yeas and Nays: 184 - 242 (Roll no. 635).

Financial Services Committee

View vote Failed

November 18, 2015 • 5:08 PM

HouseFloor

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 255 - 174 (Roll no. 636).(text: CR H8312)

View vote Passed

November 18, 2015 • 5:15 PM

HouseFloor

On passage Passed by the Yeas and Nays: 255 - 174 (Roll no. 636). (text: CR H8312)

View vote Passed

November 18, 2015 • 5:15 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

November 18, 2015 • 5:15 PM

SenateIntro Referral

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

Banking, Housing, and Urban Affairs Committee

November 19, 2015

Voting History

2 votes recorded • Roll call available

HOUSE

Roll Call Available

November 18, 2015 at 5:14 PM

On Passage

Majority required: 1/2 (50%)

Passed

255 - 174

HOUSE

Roll Call Available

November 18, 2015 at 5:07 PM

On Motion to Recommit with Instructions

Majority required: 1/2 (50%)

Failed

184 - 242

Amendments

1 amendment

Offered to this bill

H.Amdt. 833Nov 18, 2015

An amendment made in order as original text consisting of the text of Rules Committee print 114-35, modified by the amendment printed in part B of House Report 114-341.

Bill Text

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Referred in SenateIssued November 19, 2015

IIB

114th CONGRESS

1st Session

H. R. 1210

IN THE SENATE OF THE UNITED STATES

November 19, 2015

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To amend the Truth in Lending Act to provide a safe harbor from certain requirements related to qualified mortgages for residential mortgage loans held on an originating depository institution's portfolio, and for other purposes.

Short title

This Act may be cited as the Portfolio Lending and Mortgage Access Act.

Safe harbor for certain loans held on portfolio

(a)

In general

Section 129C of the Truth in Lending Act (15 U.S.C. 1639c) is amended by adding at the end the following:

(j)

Safe harbor for certain loans held on portfolio

(1)

Safe harbor for creditors that are depository institutions

(A)

In general

A creditor that is a depository institution shall not be subject to suit for failure to comply with subsection (a), (c)(1), or (f)(2) of this section or section 129H with respect to a residential mortgage loan, and the banking regulators shall treat such loan as a qualified mortgage, if—

(i)

the creditor has, since the origination of the loan, held the loan on the balance sheet of the creditor; and

(ii)

all prepayment penalties with respect to the loan comply with the limitations described under subsection (c)(3).

(B)

Exception for certain transfers

In the case of a depository institution that transfers a loan originated by that institution to another depository institution by reason of the bankruptcy or failure of the originating depository institution or the purchase of the originating depository institution, the depository institution transferring such loan shall be deemed to have complied with the requirement under subparagraph (A)(i).

(2)

Safe harbor for mortgage originators

A mortgage originator shall not be subject to suit for a violation of section 129B(c)(3)(B) for steering a consumer to a residential mortgage loan if—

(A)

the creditor of such loan is a depository institution and has informed the mortgage originator that the creditor intends to hold the loan on the balance sheet of the creditor for the life of the loan; and

(B)

the mortgage originator informs the consumer that the creditor intends to hold the loan on the balance sheet of the creditor for the life of the loan.

(3)

Definitions

For purposes of this subsection:

(A)

Banking regulators

The term banking regulators means the Federal banking agencies, the Bureau, and the National Credit Union Administration.

(B)

Depository institution

The term depository institution has the meaning given that term under section 19(b)(1) of the Federal Reserve Act (12 U.S.C. 505(b)(1)).

(C)

Federal banking agencies

The term Federal banking agencies has the meaning given that term under section 3 of the Federal Deposit Insurance Act.

(b)

Rule of construction

Nothing in the amendment made by this Act may be construed as preventing a balloon loan from qualifying for the safe harbor provided under section 129C(j) of the Truth in Lending Act if the balloon loan otherwise meets all of the requirements under such subsection (j), regardless of whether the balloon loan meets the requirements described under clauses (i) through (iv) of section 129C(b)(2)(E) of such Act.

Passed the House of Representatives November 18, 2015.

Karen L. Haas,

Clerk