Sec. 3. 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: The Bureau, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, and the Federal Housing Finance Agency shall exempt, by rule, a mortgage loan of $250,000 or less from the requirements of this section 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 the Resolution Trust Corporation and inserting the following: Each Federal financial institutions regulatory agency ; by striking each such agency or instrumentality and inserting each such agency ; in the flush left matter following paragraph (3), by striking Each such agency or instrumentality and inserting the following: Each such agency described under subsection
(a); and by adding at the end the following new subsection: Each such agency described under subsection
(a)shall exempt, by rule, a real estate appraisal or evaluation conducted in connection with a mortgage loan of $250,000 or less from the standards prescribed under this section, 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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