Section 1 Short title
This Act may be cited as the “Portfolio Lending and Mortgage Access Act”.
Portfolio Lending and Mortgage Access Act
A BILL
To amend the Truth in Lending Act to provide that residential mortgage loans held on portfolio qualify as qualified mortgages for purposes of the presumption of the ability to repay requirements under such Act.
Sec. 2 Loans held on portfolio treated as qualified mortgages
Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 1639c(b)(2)) is amended by adding at the end the following:
“(F) Loans held on portfolio—The term “qualified mortgage” includes a residential mortgage loan made by a creditor so long as such loan appears on the balance sheet of such creditor.”