[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5667 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5667

      To exempt small mortgage originators from certain licensing 
 requirements and debt-to-income requirements for qualified mortgages.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 18, 2014

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

_______________________________________________________________________

                                 A BILL


 
      To exempt small mortgage originators from certain licensing 
 requirements and debt-to-income requirements for qualified mortgages.

    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 ``Seller Finance Regulation Reduction 
Act''.

SEC. 2. EXEMPTIONS FOR SELLER FINANCERS.

    (a) Loan Originator License or Registration Requirements.--Section 
1504 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5103) is 
amended by adding at the end the following:
    ``(c) Exception for Seller Financers.--The requirements of this 
title shall not apply to any person (other than a depository 
institution) who--
            ``(1) has less than $25,000,000 in assets; and
            ``(2) only originates residential mortgage loans that--
                    ``(A) are with respect to property that is owned by 
                such person; and
                    ``(B) are in an amount of $150,000 or less.''.
    (b) Debt-to-Income Ratios Under Qualified Mortgages.--Section 
129C(b)(2)(A) of the Truth in Lending Act (15 U.S.C. 1639c(b)(2)(A)) is 
amended by inserting at the end the following flush-left text:
                ``In determining whether a residential mortgage loan is 
                a qualified mortgage, guidelines and regulations issued 
                pursuant to clause (vi) shall not apply to a loan 
                originated by a person (other than a depository 
                institution (as defined under section 3 of the Federal 
                Deposit Insurance Act) or a credit union) who has less 
                than $25,000,000 in assets and where such loan is with 
                respect to property that is owned by such person and 
                such loan is in an amount of $150,000 or less.''.
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