HR 5301 114th Congress House Housing and Community Development Banking and financial institutions regulation Congressional oversight Credit and credit markets Government studies and investigations Housing finance and home ownership Licensing and registrations Real estate business

Seller Finance Enhancement Act

Introduced: May 19, 2016 Introduced by: Williams, Roger Republican · Texas See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 19, 2016

Referred to the House Committee on Financial Services.

May 19, 2016

Introduced in House

Plain-English summary Congressional Research Service

Seller Finance Enhancement Act

This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) originates not more than 24 residential mortgage loans in a 12-month period, and (2) only originates residential mortgage loans for property owned by that person.

For determining whether a residential mortgage loan meets minimum standards, the Truth in Lending Act is amended to prohibit the application to loans originated by such a person certain Consumer Financial Protection Bureau guidelines and regulations relating to ratios of total monthly debt to monthly income.

The Department of Housing and Urban Development and the Department of the Treasury shall study:

the number of homes bought for under $150,000 or 60% of the median home value in a given community, whichever is lower, in the United States by utilizing seller financing;
the number of such homes sold by licensed mortgage brokers;
the potential number of such homes which could be sold but are not, because seller financiers are unwilling, or from a practical standpoint unable, to comply with mortgage broker rules; and
the potential benefit to home values and wealth creation if more homes are able to be sold utilizing seller finance.