(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Securing Access to Affordable Mortgages Act
(Sec. 2) This bill amends the Truth in Lending Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt from property appraisal requirements a mortgage loan of $250,000 or less if it appears on the loan creditor's balance sheet for at least three years.
The bill exempts mortgage lenders and others involved in real estate transactions from incurring penalties for failing to report appraiser misconduct.