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1 To preserve competition among mortgage lenders, provide relief from unnecessary regulatory requirements on responsible community mortgage lenders, and for other purposes. introduced the following bill; which was referred to the Committee on A BILL To preserve competition among mortgage lenders, provide relief from unnecessary regulatory requirements on responsible community mortgage lenders, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the Community Mortgage Lenders Act of SEC. 2. FINDINGS AND PURPOSES. (a) FINDINGS. Congress finds the following: (1) responsible community mortgage lenders engaged in traditional mortgage lending were not responsible for the recent mortgage crisis; (2) responsible community mortgage lenders provide a valuable and critical service to consumers by, among other things, fulfilling the housing finance needs of the communities they serve and providing locally-based alternative sources for mortgage financing; (3) the activities and business practices of responsible community mortgage lenders do not pose a substantial risk to consumers, and did not pose a substantial risk to consumers when the Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted; (4) responsible community mortgage lenders are subject to the oversight and control of various governmental authorities and non-governmental actors, including

2 without limitation the Consumer Financial Protection Bureau, the Department of Housing and Urban Development, the Board of Governors of the Federal Reserve System, the Federal Trade Commission, state supervisory regulators, local government supervisory regulators, mortgage loan investors, warehouse lenders, and various other authorities or entities; and, as a result of this oversight and control, the business practices and activities of responsible community mortgage lenders are safe, transparent to the public and the government, and do not pose a threat to consumers, the public at large, the United States financial markets, or the United States economy in general; (5) responsible community mortgage lenders are unreasonably burdened by increasing regulation geared to problems that they did not create and activities that they did not and do not engage in, and therefore responsible community mortgage lenders are entitled to relief from certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its attendant regulations, including the regulations of the Consumer Financial Protection Bureau; (6) without relief many responsible community mortgage lenders will be driven from the market thus limiting the consumer s ability to choose a local lender for mortgage financing and dangerously consolidating the mortgage lending market into a smaller number of lenders; (7) the preservation of responsible community mortgage lenders is critical to preserving competition and preventing increasing concentration in mortgage lending. (b) PURPOSE. The purpose of this Act is to assure that America s home buyers continue to have access to the services of responsible community mortgage lenders by 2

3 (1) eliminating unnecessary, duplicative, onerous or inappropriate requirements on responsible community mortgage lenders; (2) requiring local, state and federal regulators to coordinate with each other, eliminating redundant and overlapping regulations and examinations and encouraging regulators to recognize and trust each other s work; and (3) relieving low-risk, well-behaved and responsible community mortgage lenders from burdensome, costly and ineffective requirements. SEC. 3. DEFINITIONS. (a) For purpose of this Act, the following definitions shall apply: (1) The term responsible community mortgage lender means a community mortgage lender who (A) has not been adjudicated, or subject to a cease and desist order relating to its mortgage-related activities-- (i) during the preceding two years; or (ii) during the duration of such person s activities as a community mortgage lender if less than the preceding two years. (2) the term community mortgage lender means a mortgage lender, mortgage banker, or mortgage servicer who- (A) in the case of (i) a depository institution as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813) has assets of less than $2 billion or originated fewer than 5,000 mortgage loans or originated a gross mortgage loan origination volume of less than $5 billion in the preceding calendar year; or 3

4 (ii) a non-depository institution that has net worth of less than $25 million or originated fewer than 5,000 mortgage loans or originated a gross mortgage loan origination volume of less than $5 billion in the preceding calendar year; and (B) of which at least 95 percent of whose mortgage-related activities in the preceding three calendar years consisted, measured by the lesser of the number of loans or the dollar volume of the mortgage loans originated, of loans that are qualified mortgages as defined in section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 1639c). (b) For purposes of this section, the term qualified mortgage includes loans insured, guaranteed, or administered by: (1) The Department of Housing and Urban Development, with regard to mortgages insured under the National Housing Act (12 U.S.C et seq.). (2) The Department of Veterans Affairs, with regard to a loan made or guaranteed by the Secretary of Veterans Affairs; (3) The Department of Agriculture, with regard loans guaranteed by the Secretary of Agriculture pursuant to 42 U.S.C. 1472(h); and (4) The Rural Housing Service, with regard to loans insured by the Rural Housing Service. SEC. 4. STREAMLINING EXCESSIVE REGULATIONS. (a) CUSTOMER-FACING IMPROVEMENTS. (1) COST ESTIMATES. Section 1032 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5532) is amended by adding at the end the following new paragraph: 4

5 (g) ESTIMATES BY RESPONSIBLE COMMUNITY MORTGAGE LENDERS. Notwithstanding any other provision of law, a responsible community mortgage lender, as defined in section 3 of the Community Mortgage Lenders Act of 2013, shall not be required to provide cost estimates prior to closing that are more accurate than the disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act as in effect on May 1, Nothing in this subsection affects any requirement on such lender to provide accurate disclosures at closing. (2) EXEMPTION FROM 7 DAY DELAY.-- Section 128(b)(2)(A) of the Truth in Lending Act (15 U.S.C. 1638(b)(2)(A)) is amended by adding at the end the following new sentence: In the case of any extension of credit by a responsible community mortgage lender (as defined in section 3 of the Community Mortgage Lenders Act of 2013) a consumer may consummate such transaction without regard for the 7 business days referred to in the preceding sentence.. (3) NO WAIT FOR LOWER RATE. Section 129(b) of the Truth in Lending Act (15 U.S.C. 1639(b)) is amended by renumbering paragraph (3) as paragraph (4) and inserting the following new paragraph (3): (3) NO WAIT FOR LOWER RATE.--If a responsible community mortgage lender as defined in section 3 of the Community Mortgage Lenders Act of 2013 extends to a consumer a second offer of credit with a lower annual percentage rate, the transaction may be consummated without regard to the period specified in paragraph (1).. (4) LOAN SERVICING.--The Consumer Financial Protection Act of 2010 is amended by adding following section 1029A (12 U.S.C note) the following new section: 5

6 SEC REDUCING MORTGAGE SERVICING BURDENS ON RESPONSIBLE COMMUNITY MORTGAGE LENDERS. (a) IN GENERAL.--Notwithstanding any other provision of this Act, the Truth in Lending Act, the Real Estate Settlement Procedures Act or any other provision of law, a responsible community mortgage lender as defined in section 3 of the Community Mortgage Lenders Act of 2013 shall have no obligations related to mortgage servicing, other than those in effect on July 20, (b) REGULATIONS.--The Bureau shall adopt regulations to implement this section.. (b) BACK OFFICE IMPROVEMENTS. The Consumer Financial Protection Act of 2010 (12 U.S.C note) is amended by adding the following new section following section 1030 (as added by section 4(a)(4) of this Act): SEC EXCLUSIONS RELATING TO RESPONSIBLE COMMUNITY MORTGAGE LENDERS. (a) VENDOR AUDITS.--Notwithstanding any other law or regulation, the Bureau or the appropriate Federal banking agency as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813) may require a responsible community mortgage lender as defined in section 3 of the Community Mortgage Lenders Act of 2013 to perform an audit of a vendor or third party contractors only if the Bureau or the appropriate Federal banking agency has reasonable cause to believe that such vendor or contractor is performing services for such responsible community mortgage lender in a manner that results in violations of law by such lender. (b) STATISTICAL ANALYSIS. Notwithstanding any other law or regulation, neither the Bureau nor the appropriate Federal banking agency as defined in section 3 of the Federal 6

7 Deposit Insurance Act (12 U.S.C. 1813) may require a responsible community mortgage lender as defined in section 3 of the Community Mortgage Lenders Act of 2013) to perform any statistical analysis of data collected by, or in the possession of, such lender.. SEC. 5. EXEMPTION FROM BASEL III REQUIREMENTS FOR SMALL BANKS AND MORTGAGE LOANS. Section 38(c)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1831o(c)(1)) is amended by adding at the end the following new subparagraph: (D) (i) SMALL BANK EXCEPTION.--For insured depository institutions with assets of less than $2 billion, each appropriate Federal banking agency shall set minimum capital requirements which are no more stringent than those in effect on January 1, (ii) MORTGAGE LOAN CAPITAL REQUIREMENTS.--Each appropriate Federal banking agency shall set minimum capital requirements relating to residential mortgage loans and obligations secured by such loans which are no more stringent than those in effect on January 1, SEC. 6. SECONDARY MORTGAGE MARKET ASSURANCES. Nothing in this Act shall affect the status, transferability or marketability of a mortgage made by a responsible community mortgage lender whether or not such mortgage is a qualified mortgage (as defined in section 129C (b)(2)(a) of the Truth in Lending Act (15 U.S.C. 1639(b)(2)(A)). Any acquirer of such a mortgage, either directly or indirectly, shall be entitled to assert any claims or defenses regarding such mortgage as if such acquirer was the responsible community mortgage lender who originated such loan. SEC. 7. LIMITED CFPB EXAMINATION AUTHORITY. 7

8 The Consumer Financial Protection Act of 2010 (12 U.S.C note) is amended by adding the following new section following section 1031 (as added by section 4(b)): SEC EXCLUSION RELATING TO RESPONSIBLE COMMUNITY MORTGAGE LENDERS. (a) LIMITATIONS OF EXAMINATION OF RESPONSIBLE COMMUNITY MORTGAGE LENDERS. Except as permitted in subsection (b), the Bureau may not conduct, direct, supervise or initiate any audit, examination, investigation or site visit of a responsible community mortgage lender as defined in section 3 of the Community Mortgage Lender Act of (b) REFERRALS BY OTHER AGENCIES. Upon a referral from a state or local regulator, a federal agency which guarantees mortgage loans originated, held or serviced by such lender, the Federal Housing Finance Agency or entities supervised by such agency, or any other government entities which exercises supervisory authority over such lender the Bureau may conduct an audit, examination, investigation or site visit of a responsible community mortgage lender. (c) PRESERVATION OF AUTHORITIES OF OTHER AGENCIES. Nothing in this section shall be construed as modifying, limiting or superseding the operation of any provision of Federal or state law, or otherwise affecting the authority of an other federal or state agency with authority with respect to a responsible community mortgage lender.. SEC. 8. SAFE ACT AMENDMENTS. (a) LIMITED EXEMPTION FOR PERSONS MOVING FROM A FINANCIAL INSTITUTION TO A NON-BANK ORIGINATOR.--The Secure and Fair Enforcement for 8

9 Mortgage Licensing Act of 2008 (12 U.S.C et seq.) is amended by adding at the end thereof the following new section: SEC EMPLOYMENT TRANSITION. Any loan originator who is a registered loan originator shall be deemed to be a statelicensed loan originator for the 180 day period beginning on the date such person is employed by a responsible community mortgage lender as that term is defined in section 3 of the Community Mortgage Lenders Act of (b) CLARIFICTION REGARDING INDEPENDENT CONTRACTORS. Section 1503(b)(2) of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5103(b)(2)) is amended: (1) by adding at the end the following subparagraph: (ii) EXEMPTION RELATING TO RESPONSIBLE COMMUNITY MORTGAGE LENDERS.-- A loan processor or underwriter who is an independent contractor performing such services for a responsible community mortgage lender as that term is defined in section 3 of the Community Mortgage Lenders Act of 2013 shall not be required to be a state-licensed loan originator under this Act. ; and (2) by striking An independent contractor and inserting (i) IN GENERAL. An independent contractor. SEC OPERATIONAL CONTRACT EMPLOYEES. Any person, other than an employee, who performs operational tasks on behalf of a responsible community mortgage lender, as that term is defined in section 3 of the Community Mortgage Lenders Act of 2013, is not a loan originator for purposes of this Act.. For purposes of 9

10 this section, the term operational tasks means: (1) administrative or clerical tasks as defined in section 1503(3)(C); and (2) activities referred to in section 1503(3)(D), if performed under the direction of a registered loan originator or a state licensed loan originator.. SEC. 9. DISPARATE IMPACT. The Fair Housing Act (42 U.S.C et seq.) is amended by adding following section 815 (42 U.S.C. 3614a) the following new section: SEC. 815A. RESPONSIBLE COMMUNITY MORTGAGE LENDERS. (a) QUALIFED MORTGAGE LENDING. In the case of a responsible community mortgage lender as that term is defined in section 3 of the Community Mortgage Lenders Act of 2013 the number, proportion, types or extent of qualified mortgages as that term is defined in section 129C of the Truth in Lending Act (15 U.S.C. 1639c) or regulations implementing such section shall be considered as having a disparate impact on members of a class protected by this Act under section 812 (42 U.S.C. 3612), section 813 (42 U.S.C. 1363) or section 814 (42 U.S.C. 3614). (b) PRIOR NOTIFICATION REQUIRED.--No action alleging a disparate impact on members of a class protected by this Act under section 812 (42 U.S.C. 3612), section 813 (42 U.S.C. 1363) or section 814 (42 U.S.C. 3614) seeking monetary relief, including but not limited to, damages, compensation, fines, attorneys fees, costs or reimbursement, may be brought against a responsible community mortgage lender as that term is defined in section 3 of the Community Mortgage Lenders Act of 2013 unless such disparate impact had been reported on a previous examination of such lender and had not corrected by such lender at the time of its next examination.. SEC. 10. STANDARDS FOR COST BENEFIT ANALYSES. 10

11 Section 1022 of the Consumer Financial Protection Act of 2010 (12 U.S. C. 5512) is amended by adding at the end the following new subsection: (e) COST BENEFIT ANALYSIS REGARDING RESPONSIBLE COMMUNITY MORTGAGE LENDERS.--No rule, regulation, guideline or standard of the Bureau adopted after enactment of the Community Mortgage Lenders Act of 2013 shall apply to responsible a responsible community mortgage lender unless such rule, regulation guideline or standard has been subjected to a Benefit-Cost Analysis under the standards set forth in Office of Management and Budget Circular A-94 (Guidelines and Discount Rates for Benefit-Cost Analysis of Federal Programs) as in effect on the date of adoption of such rule, regulation, guideline or standard and such benefit-cost analysis has been reviewed and determined to be in compliance with such circular by the Comptroller General of the United States.. SEC. 11. EXEMPTION FROM ADDITIONAL DATA COLLECTION. Section 304(i) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(i)) is amended (1) by adding at the end thereof the following: (B)EXEMPTION FROM ADDITIONAL REQUIREMENTS.--A responsible community mortgage lender as defined in section 3 of the Community Mortgage Lenders Act of 2013 shall not be required to collect or provide any data required by the amendments to this Act made by section 1094(3) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. ; and (1) by striking The requirements and inserting (A) SMALL INSTITUTION EXEMPTION. The requirements. SEC. 12. DEFINITION OF QUALIFIED MORTGAGE. 11

12 A mortgage made by a responsible community mortgage lender that is otherwise not a qualified mortgage as defined in section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 1639c) shall be deemed to be a qualified mortgage for so long as such lender is a responsible community mortgage lender as defined in section 3 of this Act. SEC. 13. NO WAIVER OF STATUS IMPLIED. An election by a responsible community mortgage lender to comply with any provision of law that such lender is exempt from complying with as a result of this Act shall not be deemed a waiver of any other exemption provided by any other provision of this Act. 12

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