H.R. 1036 · 116th Congress
PARITY Act of 2019
- Stage
- In committee
- Sponsor
- Denver Riggleman
- Introduced
- 2019-02-07
- Latest action
- 2019-02-07 · Introduced in House
Summary
Preserving Access to Rural Installment Transactions for Years Act of 2019 or the PARITY Act of 2019
This bill revises the definition of a mortgage originator for the purposes of compliance with registration and compensation requirements.
Among other things, it exempts from mortgage originator requirements those lenders providing financing to five (currently three) or fewer properties in a year, including corporations and partnerships that would otherwise be regulated as mortgage originators. The bill also removes the requirement that such lenders, in order to be exempt from these requirements, must verify the buyer's ability to repay the loan.