,i #aae? ,,congress #a/ ,session ,h4 ,r4 #aifd ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #e1 #bjag,mr4 ,williams introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to pres]ve competition among mortgage l5d]s1 provide relief f unnecess>y regulatory requirem5ts on responsible community mortgage l5d]s1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,community ,mortgage ,l5d] ,regulatory ,act ( #bjag4 #b4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,responsible community mortgage l5d]s engag$ 9 traditional mortgage l5d+ 7 n responsible = ! rec5t mortgage crisis4 7#b7 ,responsible community mortgage l5d]s provide a valuable & critical s]vice to consum]s by1 among o!r ?+s1 fulfill+ ! h\s+ f9ance ne$s ( ! communities !y s]ve & provid+ locally bas$ alt]native s\rces = mortgage f9anc+4 7#c7 ,! activities & bus9ess practices ( responsible community mortgage l5d]s d n pose a sub/antial risk to consum]s1 & did n pose a sub/antial risk to consum]s :5 ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 0 enact$4 7#d7 ,responsible community mortgage l5d]s are subject to ! ov]sight & control ( v>i\s gov]nm5tal au?orities & nongov]nm5tal actors1 includ+ ! ,bureau ( ,consum] ,f9ancial ,protection1 ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 ! ,f$]al ,trade ,commission1 ,/ate sup]visory regulators1 local gov]nm5t sup]visory regulators1 mortgage loan inve/ors1 w>eh\se l5d]s1 & v>i\s o!r au?orities or entities4 ,z a result ( ?is ov]sight & control1 ! bus9ess practices & activities ( responsible community mortgage l5d]s are safe1 transp>5t to ! public & ! gov]nm5t1 & d n pose a ?reat to consum]s1 ! public at l>ge1 ! ,unit$ ,/ates f9ancial m>kets1 or ! ,unit$ ,/ates economy 9 g5]al4 7#e7 ,responsible community mortgage l5d]s are unreasonably burd5$ by increas+ regulation ge>$ to problems t !y did n create & activities t !y did n & d n engage 91 & !re=e responsible community mortgage l5d]s are entitl$ to relief f c]ta9 provisions ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act & its att5dant regulations1 includ+ ! regulations ( ! ,bureau ( ,consum] ,f9ancial ,protection4 7#f7 ,)\t relief _m responsible community mortgage l5d]s w be driv5 f ! m>ket ?us limit+ ! consum]'s ability to *oose a local l5d] = mortgage f9anc+ & dang]\sly consolidat+ ! mortgage l5d+ m>ket into a small] numb] ( l5d]s4 7#g7 ,! pres]vation ( responsible community mortgage l5d]s is critical to pres]v+ competition & prev5t+ increas+ conc5tration 9 mortgage l5d+4 7#h7 ,! ,bureau ( ,consum] ,f9ancial ,protection %\ld prioritize its res\rces & ability to c>ry out exam9ations by creat+ reasonable exclusions = small]1 responsible mortgage l5d]s4 #c4 ,def9itions ,section #ajjb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha7 is am5d$ by add+ at ! end ! foll[+3 7#cj7 ,community mortgage l5d] ,! t]m community mortgage l5d] means a l5d]-- 7,a7 :o-- 7i7 9 ! case ( a depository in/itution or cr$it union-- 7,i7 has assets ( less ?an #b1jjj1jjj1jjj2 & 7,,ii7 orig9at$ few] ?an #be1jjj mortgage loans 9 ! prec$+ cal5d> ye> or orig9at$ a gross mortgage loan orig9ation volume ( less ?an #e1jjj1jjj1jjj 9 ! prec$+ cal5d> ye>2 or 7ii7 9 ! case ( a p]son o!r ?an a depository in/itution-- 7,i7 has net wor? ( less ?an #ej1jjj1jjj2 & 7,,ii7 orig9at$ few] ?an #be1jjj mortgage loans 9 ! prec$+ cal5d> ye> or orig9at$ a gross mortgage loan orig9ation volume ( less ?an #e1jjj1jjj1jjj 9 ! prec$+ cal5d> ye>2 & 7,b7 _h mortgage loan orig9ations 9 ! prec$+ ?ree cal5d> ye>s t consi/$ ( #ie p]c5t qualifi$ mortgages :5 measur$ by ei!r-- 7i7 ! numb] ( mortgage loans orig9at$2 or 7ii7 ! doll> volume ( mortgage loans orig9at$4 7#ca7 ,responsible community mortgage l5d] ,! t]m responsible community mortgage l5d] means a community mortgage l5d] :o has n be5 f\nd by a c\rt ( compet5t jurisdiction to h violat$ ! law1 or be5 subject to a cease & desi/ ord]1 relat+ to its mortgage loan orig9ations-- 7,a7 dur+ ! prec$+ two ye>s2 or 7,b7 s9ce su* p]son began orig9at+ mortgage loans1 if su* p]iod is less ?an two ye>s4 7#cb7 ,mortgage loan ,! t]m mortgage loan means a loan secur$ by a fir/ li5 on a #a-d unit family resid5ce4 7#cc7 ,qualifi$ mortgage ,! t]m qualifi$ mortgage-- 7,a7 has ! mean+ giv5 t t]m "u section #abi;,c7b77#b7 ( ! ,tru? 9 ,l5d+ ,act2 & 7,b7 includes loans insur$1 gu>ante$1 or adm9i/]$ by-- 7i7 ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 ) reg>d to mortgages insur$ "u ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et seq472 7ii7 ! ,dep>tm5t ( ,vet]ans ,affairs1 ) reg>d to a loan made or gu>ante$ by ! ,secret>y ( ,vet]ans ,affairs2 7iii7 ! ,dep>tm5t ( ,agriculture1 ) reg>d to loans gu>ante$ by ! ,secret>y ( ,agriculture pursuant to section #ejb7;h7 ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adgb7;h772 & 7iv7 ! ,rural ,h\s+ ,s]vice1 ) reg>d to loans insur$ by ! ,rural ,h\s+ ,s]vice4 4 #d4 ,prioritization ( ,bureau exam9ation & en=cem5t au?ority res\rces 7a7 ,9 g5]al ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$ by ins]t+ aft] section #ajca ! foll[+3 #ajca;,a4 ,exclusion relat+ to responsible community mortgage l5d]s 7a7 ,limitations ( exam9ation ( responsible community mortgage l5d]s ,except z p]mitt$ 9 subsection 7b71 ! ,bureau may n conduct any audit1 exam9ation1 or inve/igation (1 or take an en=cem5t action aga9/1 a responsible community mortgage l5d]4 7b7 ,ref]rals by o!r ag5cies 7#a7 ,9 g5]al ,! ,bureau may conduct an audit1 exam9ation1 or inve/igation (1 or take an en=cem5t action aga9/1 a responsible community mortgage l5d] if reque/$ by-- 7,a7 a ,/ate or local regulator2 7,b7 a ,f$]al dep>tm5t or ag5cy t gu>antees mortgage loans orig9at$1 held1 or s]vic$ by su* l5d]2 7,c7 ! ,f$]al ,h\s+ ,f9ance ,ag5cy or entities sup]vis$ by su* ,ag5cy2 or 7,d7 any o!r ,f$]al dep>tm5t or ag5cy t ex]cises sup]visory au?ority ov] su* l5d]4 7#b7 ,exception ,p>agraph 7#a7 %all n apply to a responsible community mortgage l5d] t is a depository in/itution or a cr$it union4 7c7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ z modify+1 limit+1 or sup]s$+ ! op]ation ( any provision ( ,f$]al or ,/ate law1 or o!rwise affect+ ! au?ority ( any ,f$]al or ,/ate dep>tm5t or ag5cy o!r ?an ! ,bureau4 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts "u section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by ins]t+ aft] ! item relat+ to section #ajca ! foll[+3 ,sec4 #ajca;,a4 ,exclusion relat+ to responsible community mortgage l5d]s4 4 #e4 ,/reaml9$ v5dor audits 7a7 ,9 g5]al ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq471 z am5d$ by section #d7;a71 is fur!r am5d$ by ins]t+ aft] section #ajca;,a ! foll[+3 #ajca;,b4 ,v5dor audit requirem5ts relat+ to responsible community mortgage l5d]s 7a7 ,v5dor audits ,! ,bureau & ! appropriate ,f$]al bank+ ag5cies may only require a responsible community mortgage l5d] to p]=m an audit ( a v5dor or ?ird-p>ty contractor ( ! l5d] if ! ,bureau or ! appropriate ,f$]al bank+ ag5cy1 z applicable1 has reasonable cause to believe t su* v5dor or ?ird-p>ty contractor is p]=m+ s]vices = ! l5d] 9 a mann] t is caus+ ! l5d] to violate ! law4 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts "u section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act1 z am5d$ by section #d7;b71 is fur!r am5d$ by ins]t+ aft] ! item relat+ to section #ajca;,a ! foll[+3 ,sec4 #ajca;,b4 ,v5dor audit requirem5ts relat+ to responsible community mortgage l5d]s4 4