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H.R. 2226: Portfolio Lending and Mortgage Access Act

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About the bill

Source: Republican Policy Committee

H.R. 2226 extends the “Qualified Mortgage” safe harbor for loans held in portfolio by certain depository institutions with less than $10 billion in assets. The legislation also imposes additional requirements for safe harbor treatment: loans cannot have negative amortization, interest-only features, and would need to comply with limits on prepayment penalties. Finally, H.R. 2226 requires that the creditor must document and continually verify a consumer's income, employment, assets, and credit history.

The Dodd-Frank Wall Street Reform and Consumer Protection Act significantly changed residential mortgage underwriting standards by ...

Sponsor and status

Garland “Andy” Barr

Sponsor. Representative for Kentucky's 6th congressional district. Republican.

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Last Updated: Mar 7, 2018
Length: 6 pages
Introduced:

Apr 28, 2017

Status:

Passed House (Senate next) on Mar 6, 2018

This bill passed in the House on March 6, 2018 and goes to the Senate next for consideration.

Prognosis:

3% chance of being enacted according to Skopos Labs (details)

What stakeholders are saying

Institute for Spending Reform: SpendingTracker.org estimates H.R. 2226 will add $1 million in new spending.

History

Apr 28, 2017
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

Jan 17, 2018
 
Considered by House Committee on Financial Services

A committee held a hearing or business meeting about the bill.

Jan 18, 2018
 
Ordered Reported

A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.

Feb 23, 2018
 
Reported by House Committee on Financial Services

A committee issued a report on the bill, which often provides helpful explanatory background on the issue addressed by the bill and the bill's intentions.

Mar 2, 2018
 
On House Schedule

The House indicated that this bill would be considered in the week ahead.

Mar 6, 2018
 
Passed House (Senate next)

The bill was passed in a vote in the House. It goes to the Senate next. The vote was by voice vote so no record of individual votes was made.

If this bill has further action, the following steps may occur next:
 
Passed Senate

 
Signed by the President

H.R. 2226 is a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

How to cite this information.

We recommend the following MLA-formatted citation when using the information you see here in academic work:

“H.R. 2226 — 115th Congress: Portfolio Lending and Mortgage Access Act.” www.GovTrack.us. 2017. December 16, 2018 <https://www.govtrack.us/congress/bills/115/hr2226>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.