The Portfolio Lending and Mortgage Access Act (H.R. 2673) would not have a significant effect on revenues or discretionary spending and would not have a significant effect on the CFPB’s workload, according to CBO estimates.
Under current law, lenders are required to make a good-faith effort to assess a borrower’s ability to repay any loan secured by a dwelling. Rules issued by the CFPB establish standards for “qualified mortgages” that meet those ability-to-pay requirements. H.R. 2673 would broaden the definition of qualified mortgage to include mortgage loans that are held on the balance sheet of the lender.
The cost of the mandate would be the forgone value of the awards and settlements in such claims. CBO estimates that the number of such claims and the awards in such cases would be relatively small.