Sec. 5. Access to Affordable Mortgages
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Section 129H of the Truth in Lending Act ( 15 U.S.C. 1639h ) is amended by adding at the end the following new subsection: 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. . 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), . Section 1110 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3339 ) is amended— by striking Each Federal financial institutions regulatory agency and inserting the following: Each Federal financial institutions regulatory agency ; by striking Each such agency or instrumentality and inserting the following: Each such agency or instrumentality described under subsection
(a); and by adding at the end the following new subsection: 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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