Section 1 Short title
This Act may be cited as the “Securing Access to Affordable Mortgages Act”.
Securing Access to Affordable Mortgages Act
A BILL
To provide exemptions under the Truth in Lending Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to encourage access to affordable mortgages, and for other purposes.
Sec. 2 Access to affordable mortgages
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 certain mortgages—The Bureau, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, and the Federal Housing Finance Agency shall exempt, by rule, a mortgage loan of $250,000 or less from the requirements of this section if such loan appears on the balance sheet of the creditor of such loan for a period of not less than 3 years.”
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),”.
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 the Resolution Trust Corporation” 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 “each such agency”;
in the flush left matter following paragraph (3), by striking “Each such agency or instrumentality” and inserting the following:
“(b) Additional standards—Each such agency described under subsection (a)”
by adding at the end the following new subsection:
“(c) Exemption for certain mortgage loans—Each such agency described under subsection (a) shall exempt, by rule, a real estate appraisal or evaluation conducted in connection with a mortgage loan of $250,000 or less from the standards prescribed under this section, if such loan appears on the balance sheet of the creditor of such loan for a period of not less than 3 years.”