1. Short title
This Act may be cited as the “Access to Affordable Mortgages Act of 2014”.
Access to Affordable Mortgages Act of 2014
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.
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.”
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),”.
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—
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”
by striking “Each such agency or instrumentality” and inserting the following:
“(b) Additional standards—Each such agency or instrumentality described under subsection (a)”
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.”