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Access to Affordable Mortgages Act of 2014
To amend the Truth in Lending Act to exempt certain higher-risk mortgages from property appraisal requirements and to exempt individuals from penalties for failure to report certain appraisers, and to amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt certain higher-risk mortgages from property appraisal requirements, and for other purposes.
Summary
This bill would exempt certain mortgages from federal property appraisal requirements. Specifically, high-risk mortgages of $250,000 or less would not require a property appraisal if the lender keeps the loan on its balance sheet for at least three years. The bill also modifies federal appraisal standards to include the same exemption for qualifying mortgages. Additionally, it exempts creditors from penalties for failing to report certain appraisers under existing requirements.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (5)
- Jul 30, 2014 Ordered to be Reported by the Yeas and Nays: 31 - 23. · house
- Jul 30, 2014 Committee Consideration and Mark-up Session Held. · house
- Jul 17, 2014 Referred to the House Committee on Financial Services. · house
- Jul 17, 2014 Introduced in House
- Jul 15, 2014 Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral. · house
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
July 17, 2014
Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Truth in Lending Act to exempt certain higher-risk mortgages from property appraisal requirements and to exempt individuals from penalties for failure to report certain appraisers, and to amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt certain higher-risk mortgages from property appraisal requirements, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Access to Affordable Mortgages Act of 2014”.
SEC. 2. EXEMPTION FROM PROPERTY APPRAISAL REQUIREMENTS FOR LOWER-COST DWELLINGS.
Section 129H of the Truth in Lending Act (15 U.S.C. 1639h) is amended by adding at the end the following new subsection:
“(g) Exemption for Higher-Risk Mortgages.—This section shall not apply to a higher-risk mortgage loan of $250,000 or less if such loan appears on the balance sheet of the creditor of such loan for a period of not less than 3 years.”.
SEC. 3. EXEMPTION FROM PENALTIES FOR FAILURE TO REPORT APPRAISERS.
Paragraph (1) of section 129E(k) of the Truth in Lending Act (15 U.S.C. 1639e(k)(1)) is amended by inserting after “this section” the following: “, other than subsection (e),”.
SEC. 4. EXEMPTION FROM APPRAISAL STANDARD REQUIREMENTS FOR LOWER-COST DWELLINGS.
Section 1110 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3339) is amended—
(1) by striking “Each Federal financial institutions regulatory agency” and inserting the following:
“(a) Real Estate Appraisals in Connection With Federally Related Transactions.—Each Federal financial institutions regulatory agency”;
(2) by striking “Each such agency or instrumentality” and inserting the following:
“(b) Additional Standards.—Each such agency or instrumentality described under subsection (a)”; and
(3) by adding at the end the following new subsection:
“(c) Exception for Certain Higher-Risk Mortgage Loans.—Standards prescribed under this section shall not apply to a real estate appraisal or evaluation conducted in connection with a higher-risk mortgage loan (as defined in section 129H(f) of the Truth in Lending Act (15 U.S.C. 1639h(f))) of $250,000 or less if such loan appears on the balance sheet of the creditor of such loan for a period of not less than 3 years.”. <all>
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