,i  #aadth ,,congress  #b;d ,session    
,h4 ,r4 #ecja  ,,in ,,the ,,house ,,of  
,,representatives  ,may #ai1 #bjaf ,mr4 
,williams 7for himself1 ,mr4 ,mulvaney1 
,mr4 ,rush1 ,mr4 ,cuellar1 and ,mr4     
,neugebauer7 introduced the following   
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to exempt small seller         
financers from certain licensing        
requirements and debt-to-income         
requirements for qualified mortgages4   
#a4 ,short title ,this ,act may be cited
 as the ,seller ,finance ,enhancement   
,act4  #b4 ,findings ,congress finds the
 following3  7#a7 ,real-estate seller   
financing is a transaction in which the 
owner of a real estate property provides
 financing for the buyer of that        
property and the buyer makes some form  
of a down payment to the seller and then
 makes installment payments to the      
seller over a defined period of time4   
7#b7 ,seller financers provide financing
 in lieu of the buyer choosing to obtain

 a loan from a bank4  7#c7 ,the seller  
finance industry consists of small      
business owners who own real estate and 
provide financing on those properties to
 underserved borrowers who cannot or    
would prefer not to obtain traditional  
financing4  #c4 ,exemptions for seller  
financers  7a7 ,loan originator license 
or registration requirements ,section   
#aejd of the ,s4,a4,f4,e4 ,mortgage     
,licensing ,act of #bjjh 7#ab ,u4,s4,c4 
#eajc7 is amended by adding at the end  
the following3  7c7 ,exception for      
seller financers ,the requirements of   
this title shall not apply to any person
 7other than a depository institution7  
who--  7#a7 originates not more than #bd
 residential mortgage loans in a        
#ab-month period2 and  7#b7 only        
originates residential mortgage loans   
that are with respect to property that  
is owned by such person4  4  7b7        
,debt-to-,income ratios under qualified 
mortgages ,section #abi;,c7b77#b77;,a7  
of the ,truth in ,lending ,act 7#ae     

,u4,s4,c4 #afci;c7b77#b77;,a77 is       
amended by inserting at the end the     
following flush-left text3  ,in         
determining whether a residential       
mortgage loan is a qualified mortgage1  
guidelines and regulations issued       
pursuant to clause 7vi7 shall not apply 
to a loan originated by a person 7other 
than a depository institution 7as       
defined under section #c of the ,federal
 ,deposit ,insurance ,act7 or a credit  
union7 who originates not more than #bd 
residential mortgage loans in a         
#ab-month period and only originates    
residential mortgage loans that are with
 respect to property that is owned by   
such person4 4  #d4 ,report on seller   
financing  7a7 ,study ,the ,secretary of
 ,housing and ,urban ,development and   
the ,secretary of the ,treasury shall   
jointly carry out a study on--  7#a7 the
 number of homes bought for under       
#aej1jjj or #fj percent of the median   
home value in a given community1        
whichever is lower1 in the ,united      

,states by utilizing seller financing2  
7#b7 the number of homes described under
 paragraph 7#a7 sold by licensed        
mortgage brokers2  7#c7 the potential   
number of homes described under         
paragraph 7#a7 which could be sold but  
aren't1 because seller financiers are   
unwilling1 or from a practical          
standpoint unable1 to comply with       
mortgage broker rules2 and  7#d7 the    
potential benefit to home values and    
wealth creation if more homes are able  
to be sold utilizing seller finance4    
7b7 ,report ,not later than the end of  
the #a-year period beginning on the date
 of the enactment of this ,act1 the     
,secretary of ,housing and ,urban       
,development and the ,secretary of the  
,treasury shall jointly issue a report  
to the ,committee on ,financial         
,services of the ,house of              
,representatives and the ,committee on  
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate containing--  7#a7 all   
findings and determinations made in     

carrying out the study required under   
subsection 7a72 and  7#b7 data on the   
number of transactions utilizing seller 
financing #bj years1 #ae years1 #aj     
years1 and #e years prior to the date of
 the enactment of this ,act4