{"bills":[{"photos":{"featured":"https://assets.causes.com/bill/photo/hr1210-114/featured_portfolio-lending-and-mortgage-access-act-1454548273.jpg","featured_large":"https://assets.causes.com/bill/photo/hr1210-114/featured_large_portfolio-lending-and-mortgage-access-act-1454548273.jpg","shareable":"https://n.causes.com/share-images/bills/hr1210-114.png"},"introduced_on":"2015-03-03","title_override":"Creating a Safe Harbor for Mortgage Lenders that Keep Loans on Their Balance Sheets","summary_override":"

This bill would create a safe harbor for lenders, such as banks and credit unions, that hold residential mortgages on their balance sheet after origination and all of their prepayment penalties comply with certain limitations. The residential mortgages would not meet the definition of a qualified mortgage, meaning that:

The borrower’s debt to income ratio exceeds 43 percent;
The total principal of the loan could grow each year, which is known as negative amortization;
The borrower could be allowed to pay only the interest on a mortgage;
The borrower has limited documentation.

The safe harbor would shield lenders from lawsuits related to failure to comply with requirements related to residential mortgages as long as they meet the above criteria.

Mortgage originators would also be protected by the safe harbor for steering a consumer to a residential mortgage loan if:

The lender 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;
The mortgage originator informs the consumer that the creditor intends to do so.

","official_title":"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":"Portfolio Lending and Mortgage Access Act","popular_title":null,"short_summary":"Portfolio Lending and Mortgage Access Act\n\n(Sec. 2) 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.\n\nA safe harbor from lawsuit is also created for mortgage originators for steering a consumer to a residential mortgage loan if:\n\n 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.","summarized":true,"cost":0,"cost_commentary":"The CBO estimates that this bill’s impact on spending would be insignificant.","impact":"People applying for mortgages, mortgage originators and financial institutions, and the federal government.","argument_for":"Protecting mortgage lenders from lawsuits under circumstances where they hold the mortgage on their books for the life of the loan rather than selling it will make it easier for mortgage loans to be originated.","argument_against":"Mortgage lenders should be able to be sued even if they’re holding the loans they make on their own books rather than selling them.","bill_type":"hr","published":true,"type":"FederalBill","id":"hr1210-114","bill_id":"hr1210-114","formal_id":"H.R. 1210","chamber":"house","congress":114,"last_action_at":"2015-11-19T00:00:00.000Z","active":true,"enacted":false,"enacted_at":null,"vetoed":false,"last_vote_at":"2015-11-18T22:15:28.000Z","debated_on":"2015-11-16T00:00:00.000Z","congress_url":"https://www.congress.gov/bill/114th/house-bill/1210","plain_text_url":"http://www.gpo.gov/fdsys/pkg/BILLS-114hr1210rfs/html/BILLS-114hr1210rfs.htm","shareable_image_url":"https://n.causes.com/share-images/bills/hr1210-114.png","congress_full_text_url":"https://www.congress.gov/bill/114th/house-bill/1210/text","is_current_congress":false,"last_version_on":"2015-03-03","related_bill_ids":["hr1233-114","hr1113-114","hr1389-114","hres529-114","s2995-114","hr5983-114"],"progress":"Passed House","house_passage_result":true,"senate_passage_result":false,"position_count":33,"committees":[{"name":"Committee on Financial Services","chamber":"house","committee_id":"HSBA","subcommittee":false},{"name":"Committee on Banking, Housing, and Urban Affairs","chamber":"senate","committee_id":"SSBK","subcommittee":false},{"name":"Consumer Protection and Financial Institutions","chamber":"house","committee_id":"HSBA15","subcommittee":true}],"links":{"rollCalls":"/api/roll_calls?bill_id=hr1210-114","details":"/api/bills/hr1210-114/details","sharingMessage":"/api/sharing_messages/hr1210-114","positionsFor":"/api/bills/hr1210-114/positions/for","positionsAgainst":"/api/bills/hr1210-114/positions/against"},"upcoming":false,"cosponsors_count":54,"slug":"hr1210-114-portfolio-lending-and-mortgage-access-act","latest_chamber_votes_id":"hr1210-114","official_url":null,"target_video":true,"following":false,"vote_count":604,"yea_vote_count":164,"nay_vote_count":439,"passed_house":true,"passed_senate":false,"vote_id":null,"my_position_id":null,"topic_ids":["economy"],"issue_ids":["business","economy"],"sponsor_id":149}],"votes":[],"issues":[{"id":"business","name":"Business","slug":"business","description":"Vote on the latest federal legislation regarding Business. 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","page_title":"Legislation related to the US Economy, monetary policy, the federal budget and government spending - Vote on Bills, Stay informed, Hold Your Reps Accountable","icons":{"black":"https://assets.causes.com/issue/icon/economy/black_economy-1429042041.svg","grey":"https://assets.causes.com/issue/icon/economy/grey_economy-1429042041.svg","white":"https://assets.causes.com/issue/icon/economy/white_economy-1429042041.svg"},"cover_image_url":null,"is_following":false}],"users":[{"name":"SherryTX","vote_count":1787,"photos":{"large":"https://graph.facebook.com/10202284083399266/picture?width=150&height=150","small":"https://graph.facebook.com/10202284083399266/picture?width=75&height=75","tiny":"https://graph.facebook.com/10202284083399266/picture?width=20&height=20","facebook":"https://graph.facebook.com/10202284083399266/picture"},"links":{"following":"/api/users/xLm4dAm4/following","followers":"/api/users/xLm4dAm4/followers"},"about_me":"Right of right conservative constitutionalist. Our Founding Fathers got it RIGHT! The Liberals keep trying to screw it up more and more; Democrats and Republicans.","twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":null,"slug":"sherrytx","issue_count":0,"is_following":null,"influence_score":7795,"influence_level":40,"follower_count":22,"following_count":3,"position_count":880,"id":"xLm4dAm4","partner_id":null}],"bill_position":{"flagged":false,"id":"ed330e78-9837-44c6-9821-41a5f8dcc0fe","argument_for":"This is fine except they should also be able to offer lower rates and the definition of risk needs to be modified for those with limited, but not negative credit.","argument_against":null,"show_argument_for":true,"show_argument_against":false,"upvote_count":0,"upvotes_for_count":0,"upvotes_against_count":null,"has_upvoted":false,"endorsement_count":0,"links":{"self":"https://www.causes.com/positions/ed330e78-9837-44c6-9821-41a5f8dcc0fe"},"body":"This is fine except they should also be able to offer lower rates and the definition of risk needs to be modified for those with limited, but not negative credit.","stance":"yea","created_at":"2015-11-21T18:52:23.468Z","shareable_image_url":"https://n.causes.com/share-images/positions/ed330e78-9837-44c6-9821-41a5f8dcc0fe.png","note_color":null,"note_text":null,"bill_id":"hr1210-114","user_id":"xLm4dAm4","endorser_ids":[]}}

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Creating a Safe Harbor for Mortgage Lenders that Keep Loans on Their Balance Sheets