[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5148 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5148

    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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 17, 2014

 Mr. Luetkemeyer introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Access to Affordable Mortgages Act 
of 2014''.

SEC. 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.''.

SEC. 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),''.

SEC. 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--
            (1) 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'';
            (2) by striking ``Each such agency or instrumentality'' and 
        inserting the following:
    ``(b) Additional Standards.--Each such agency or instrumentality 
described under subsection (a)''; and
            (3) 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.''.
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