Sec. 101. Community bank and credit union portfolio lending
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Section 129C(b)(2) of the Truth in Lending Act ( 15 U.S.C. 1639c(b)(2) ) is amended by adding at the end the following: In this section— the term qualified mortgage , as defined in subparagraph (A), includes any residential mortgage loan— that is originated by a covered institution and continuously retained in portfolio by the covered institution; that, except as provided in subparagraph (E), fully amortizes over a term of not longer than 30 years; that complies with— the requirements of clauses (i), (ii), (iii), (iv), (v), and
(vii)of subparagraph (A); and any requirements consistent with the purposes described in paragraph (3)(B)(i); for which the covered institution, at or before consummation of the residential mortgage loan, takes into account and verifies the monthly debt and income of the consumer; and that is not considered a high-cost mortgage; and a residential mortgage loan that meets the requirements of subclause
(I)shall be deemed to meet the requirements of subsection
(a)until the residential mortgage loan no longer meets the requirements of subclause (I). In this subparagraph, the term covered institution means— an insured depository institution or insured credit union that— at the time of origination of the residential mortgage loan, together with its affiliates, has less than $2,000,000,000 in total consolidated assets; and during the calendar year preceding the time of origination of the residential mortgage loan, originated not more than 2,000 residential mortgage loans that were— sold, assigned, or otherwise transferred to another person; or subject to, at the time of consummation, a commitment to be acquired by another person; or an insured depository institution or insured credit union that, at the time of origination of the residential mortgage loan— together with its affiliates, has more than $2,000,000,000 and less than $10,000,000,000 in total consolidated assets; is not considered a specialty bank, such as a bank that offers only a narrow product line (including credit card or motor vehicle loans) to a regional or broader market; engages in the basic activities of lending and deposit taking as a significant percentage of total assets; has a limited geographic scope; and meets any other criteria as determined by the Bureau, including restrictions on the volume of residential mortgage loans— sold, assigned, or otherwise transferred to another person; or subject to, at the time of consummation, a commitment to be acquired by another person. .
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Sec. 101
Community bank and credit union portfolio lending
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