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Monday, September 22, 2014

CBO: H.R. 5148, Insignificant Effect on CFPB Revenue

Enacting the Access to Affordable Mortgages Act of 2014 (H.R. 5148) would increase direct spending by about $1 million and decrease revenue by an insignificant amount over the 2015-2024 period, according to the Congressional Budget Office’s (CBO) analysis of information from the CFPB and the financial regulatory agencies.

The Access to Affordable Mortgages Act of 2014 would eliminate requirements that lenders making higher-risk mortgages obtain a written appraisal of the property securing the mortgages if the original loan amount is less than $250,000 and the lender holds the mortgage in its portfolio for at least three years. The bill also would exempt certain participants in a real estate transaction from paying civil penalties for failing to notify the appropriate state licensing agency if a real estate appraiser fails to comply with universal standards for appraisal practices.

Read the CBO cost estimate.

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