,i  #aad? ,,congress  #b;d ,session  ,h4
 ,r4 #ecja  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #ai1 #bjaf ,mr4  
,williams 7= himself1 ,mr4 ,mulvaney1   
,mr4 ,ru%1 ,mr4 ,cuell>1 & ,mr4         
,neugebau]7 introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,f9ancial  
,s]vices  ,a ,,bill  ,to exempt small   
sell] f9anc]s f c]ta9 lic5s+ requirem5ts
 & debt-to-income requirem5ts = qualifi$
 mortgages4  #a4 ,%ort title ,?is ,act  
may be cit$ z ! ,sell] ,f9ance          
,enhancem5t ,act4  #b4 ,f9d+s ,congress 
f9ds ! foll[+3  7#a7 ,real-e/ate sell]  
f9anc+ is a transaction 9 :i* ! own] ( a
 real e/ate prop]ty provides f9anc+ = ! 
buy] ( t prop]ty & ! buy] makes "s =m ( 
a d[n paym5t to ! sell] & !n makes      
in/allm5t paym5ts to ! sell] ov] a def9$
 p]iod ( "t4  7#b7 ,sell] f9anc]s       
provide f9anc+ 9 lieu ( ! buy] *oos+ to 
obta9 a loan f a bank4  7#c7 ,! sell]   
f9ance indu/ry consi/s ( small bus9ess  
own]s :o own real e/ate & provide f9anc+
 on ^? prop]ties to und]s]v$ borr[]s :o 

_c or w\ld pref] n to obta9 traditional 
f9anc+4  #c4 ,exemptions = sell] f9anc]s
  7a7 ,loan orig9ator lic5se or         
regi/ration requirem5ts ,section #aejd (
 ! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act (
 #bjjh 7#ab ,u4,s4,c4 #eajc7 is am5d$ by
 add+ at ! end ! foll[+3  7c7 ,exception
 = sell] f9anc]s ,! requirem5ts ( ?is   
title %all n apply to any p]son 7o!r ?an
 a depository in/itution7 :o--  7#a7    
orig9ates n m ?an #bd resid5tial        
mortgage loans 9 a #ab-mon? p]iod2 &    
7#b7 only orig9ates resid5tial mortgage 
loans t are ) respect to prop]ty t is   
own$ by su* p]son4  4  7b7              
,debt-to-,income ratios "u qualifi$     
mortgages ,section #abi;,c7b77#b77;,a7 (
 ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4    
#afci;c7b77#b77;,a77 is am5d$ by ins]t+ 
at ! end ! foll[+ flu%-left text3  ,9   
det]m9+ :e!r a resid5tial mortgage loan 
is a qualifi$ mortgage1 guidel9es &     
regulations issu$ pursuant to clause    
7vi7 %all n apply to a loan orig9at$ by 
a p]son 7o!r ?an a depository in/itution

 7z def9$ "u section #c ( ! ,f$]al      
,deposit ,insurance ,act7 or a cr$it    
union7 :o orig9ates n m ?an #bd         
resid5tial mortgage loans 9 a #ab-mon?  
p]iod & only orig9ates resid5tial       
mortgage loans t are ) respect to       
prop]ty t is own$ by su* p]son4 4  #d4  
,report on sell] f9anc+  7a7 ,/udy ,!   
,secret>y ( ,h\s+ & ,urban ,developm5t &
 ! ,secret>y ( ! ,treasury %all jo9tly  
c>ry out a /udy on--  7#a7 ! numb] (    
homes b\ght = "u #aej1jjj or #fj p]c5t (
 ! m$ian home value 9 a giv5 community1 
:i*ev] is l[]1 9 ! ,unit$ ,/ates by     
utiliz+ sell] f9anc+2  7#b7 ! numb] (   
homes describ$ "u p>agraph 7#a7 sold by 
lic5s$ mortgage brok]s2  7#c7 ! pot5tial
 numb] ( homes describ$ "u p>agraph 7#a7
 :i* c\ld be sold b ar5't1 because sell]
 f9anci]s are unwill+1 or f a practical 
/&po9t unable1 to comply ) mortgage     
brok] rules2 &  7#d7 ! pot5tial b5efit  
to home values & weal? creation if m    
homes are able to be sold utiliz+ sell] 
f9ance4  7b7 ,report ,n lat] ?an ! end (

 ! #a-ye> p]iod beg9n+ on ! date ( !    
enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+
 & ,urban ,developm5t & ! ,secret>y ( ! 
,treasury %all jo9tly issue a report to 
! ,committee on ,f9ancial ,s]vices ( !  
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate conta9+--  7#a7 all f9d+s &      
det]m9ations made 9 c>ry+ out ! /udy    
requir$ "u subsection 7a72 &  7#b7 data 
on ! numb] ( transactions utiliz+ sell] 
f9anc+ #bj ye>s1 #ae ye>s1 #aj ye>s1 &  
#e ye>s prior to ! date ( ! enactm5t (  
?is ,act4