3.0.0 5301 2023-01-11T13:33:00Z 2023-01-11T13:33:00Z House HR 2016-05-19 114 [Congressional Record Volume 162, Number 80 (Thursday, May 19, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. WILLIAMS:H.R. 5301.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 (``To regulate Commerce withforeign Nations, and among the several States, and with theIndian Tribes'')[Page H2880]]]> hsba00 Financial Services Committee House Standing Referred to 2016-05-19T13:01:00Z 2016-05-19 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2016-05-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-05-19 Introduced in House IntroReferral 1000 9 Library of Congress W000816 Rep. Williams, Roger [R-TX-25] Roger Williams R TX 25 N M001182 Rep. Mulvaney, Mick [R-SC-5] Mick Mulvaney R SC 5 2016-05-19 True R000515 Rep. Rush, Bobby L. [D-IL-1] BOBBY RUSH D IL L. 1 2016-05-19 True C001063 Rep. Cuellar, Henry [D-TX-28] Henry Cuellar D TX 28 2016-05-19 True N000182 Rep. Neugebauer, Randy [R-TX-19] Randy Neugebauer R TX 19 2016-05-19 True B001283 Rep. Bridenstine, Jim [R-OK-1] Jim Bridenstine R OK 1 2016-06-09 False G000556 Rep. Grayson, Alan [D-FL-9] Alan Grayson D FL 9 2016-07-06 False H001048 Rep. Hunter, Duncan D. [R-CA-50] Duncan Hunter R CA D. 50 2016-07-06 False B001289 Rep. Byrne, Bradley [R-AL-1] Bradley Byrne R AL 1 2016-07-11 False B001291 Rep. Babin, Brian [R-TX-36] Brian Babin R TX 36 2016-07-14 False M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2016-07-14 False J000295 Rep. Joyce, David P. [R-OH-14] David Joyce R OH P. 14 2016-09-22 False G000546 Rep. Graves, Sam [R-MO-6] SAM GRAVES R MO 6 2016-09-27 False B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 2016-09-27 False C000059 Rep. Calvert, Ken [R-CA-42] KEN CALVERT R CA 42 2016-09-28 False E000294 Rep. Emmer, Tom [R-MN-6] Tom Emmer R MN 6 2016-11-17 False W000814 Rep. Weber, Randy K., Sr. [R-TX-14] Randy Weber R TX K. 14 2016-11-17 False C001048 Rep. Culberson, John Abney [R-TX-7] JOHN CULBERSON R TX ABNEY 7 2016-11-17 False Housing and Community Development Banking and financial institutions regulation Congressional oversight Credit and credit markets Government studies and investigations Housing finance and home ownership Licensing and registrations Real estate business Housing and Community Development 00 2016-05-19 Introduced in House 2016-07-07T21:05:07Z Seller Finance Enhancement Act

This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) originates not more than 24 residential mortgage loans in a 12-month period, and (2) only originates residential mortgage loans for property owned by that person.

For determining whether a residential mortgage loan meets minimum standards, the Truth in Lending Act is amended to prohibit the application to loans originated by such a person certain Consumer Financial Protection Bureau guidelines and regulations relating to ratios of total monthly debt to monthly income.

The Department of Housing and Urban Development and the Department of the Treasury shall study:

  • the number of homes bought for under $150,000 or 60% of the median home value in a given community, whichever is lower, in the United States by utilizing seller financing;
  • the number of such homes sold by licensed mortgage brokers;
  • the potential number of such homes which could be sold but are not, because seller financiers are unwilling, or from a practical standpoint unable, to comply with mortgage broker rules; and
  • the potential benefit to home values and wealth creation if more homes are able to be sold utilizing seller finance.

]]>

Seller Finance Enhancement Act Display Title Seller Finance Enhancement Act Official Title as Introduced To exempt small seller financers from certain licensing requirements and debt-to-income requirements for qualified mortgages. Introduced in House IH Short Titles as Introduced Seller Finance Enhancement Act Introduced in House 2016-05-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5301ih/xml/BILLS-114hr5301ih.xml 2016-05-19 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.