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S. 2995 114th Congress Senate

Portfolio Lending and Mortgage Access Act

Official title: A bill to amend the Truth in Lending Act to provide a safe harbor from certain requirements related to qualified mortgages for residential mortgage loans held … Show full official titleShow less

Official title: A bill to amend the Truth in Lending Act to provide a safe harbor from certain requirements related to qualified mortgages for residential mortgage loans held on an originating depository institution's portfolio, and for other purposes.

Introduced: May 26, 2016 Introduced by: Rand Paul Republican · Kentucky See on congress.gov
Finance and Financial Sector Bank accounts, deposits, capitalBanking and financial institutions regulationCivil actions and liabilityHousing finance and home ownership
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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 26, 2016
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 26, 2016
Introduced in Senate
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 Latest action May 26, 2016

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

Portfolio Lending and Mortgage Access Act

This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are depository institutions for any failure to comply with certain requirements with respect to a residential mortgage loan, and the banking regulators are required to treat such a loan as a qualified mortgage, if the creditor has, since the loan's origination, held it on its balance sheet and all prepayment penalties with respect to the loan comply with specified limitations.

A safe harbor from lawsuit is also created for mortgage originators for steering a consumer to a residential mortgage loan if:

  • the creditor is a depository institution and has informed the mortgage originator that it intends to hold the loan on its balance sheet for the life of the loan, and
  • the mortgage originator informs the consumer that the creditor intends to do so.
 Related & companion bills 5
  • HR 1113 Portfolio Lending and Mortgage Access Act
  • HR 1233 CLEARR Act of 2015
  • HR 1389 American Jobs and Community Revitalization Act of 2015
  • S 1484 Financial Regulatory Improvement Act of 2015
  • HR 5983 Financial CHOICE Act of 2016
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 2995: Portfolio Lending and Mortgage Access Act. 114th Congress. Open America. https://openamerica.io/bill/114-S-2995/
MLA
"S. 2995: Portfolio Lending and Mortgage Access Act." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-S-2995/.
Bluebook (legal)
S. 2995, 114th Cong. (2026), https://openamerica.io/bill/114-S-2995/.
Markdown link
[S. 2995: Portfolio Lending and Mortgage Access Act](https://openamerica.io/bill/114-S-2995/)
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