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H.R. 2954 (115th): Home Mortgage Disclosure Adjustment Act


The text of the bill below is as of Jun 20, 2017 (Introduced).

Summary of this bill

Source: Republican Policy Committee

H.R. 2954 amends the Home Mortgage Disclosure Act of 1975 (HMDA) to exempt from maintenance of mortgage loan records and disclosure requirements depository institutions that have originated in each of the two preceding calendar years:

  • Fewer than 500 closed-end mortgage loans; and
  • Fewer than 500 open-end lines of credit.

Additionally, the bill lessens requirements for depository institutions to itemize and disclose specified mortgage loan data including the number and dollar amount of mortgage loans groups according to measurements of certain fees and costs, and the number and dollar amount of mortgage loans and completed applications grouped according to measurements related to a consumer credit profile.

Home Mortgage Disclosure Act (HMDA)requires …


I

115th CONGRESS

1st Session

H. R. 2954

IN THE HOUSE OF REPRESENTATIVES

June 20, 2017

(for himself and Mr. Luetkemeyer) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Home Mortgage Disclosure Act of 1975 to specify which depository institutions are subject to the maintenance of records and disclosure requirements of such Act, and for other purposes.

1.

Short title

This Act may be cited as the Home Mortgage Disclosure Adjustment Act.

2.

Depository institutions subject to maintenance of records and disclosure requirements

(a)

Loan volume threshold

Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) is amended—

(1)

by redesignating subsection (i) as paragraph (2) and adjusting the margin appropriately; and

(2)

by inserting before such paragraph (2) the following:

(i)

Exemptions

(1)

In general

With respect to a depository institution, the requirements of subsections (a) and (b) shall not apply—

(A)

with respect to closed-end mortgage loans, if such depository institution originated less than 1,000 closed-end mortgage loans in each of the two preceding calendar years; and

(B)

with respect to open-end lines of credit, if such depository institution originated less than 2,000 open-end lines of credit in each of the two preceding calendar years.

.

(b)

Technical correction

Section 304(i)(2) of such Act, as redesignated by subsection (a), is amended by striking section 303(2)(A) and inserting section 303(3)(A).

(c)

Data points

Section 304(b) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(b)) is amended—

(1)

by striking paragraphs (5) and (6);

(2)

in paragraph (3), by inserting and at the end; and

(3)

in paragraph (4), by striking age..