H.R. 5667 · 113th Congress
Seller Finance Regulation Reduction Act
- Stage
- In committee
- Sponsor
- Roger Williams
- Introduced
- 2014-09-18
- Latest action
- 2014-09-18 · Introduced in House
Summary
Seller Finance Regulation Reduction Act - 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) has less than $25 million in assets; and (2) only originates residential mortgage loans with respect to property owed by the person, and in an amount of $150,000 or less.
Amends the Truth in Lending Act, with respect to minimum standards for residential mortgage loans, to prohibit, in determining whether a residential mortgage loan is a qualified mortgage, from applying to loans originated by such a person certain guidelines and regulations relating to ratios of total monthly debt to monthly income.