Sec. 4. Reporting requirements
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During the COVID-19 emergency, the Director may not increase guarantee fees, loan level pricing adjustments, or any other fees or implement any restrictions on access to credit unless the Director provides 48-hour advance notice of such increase or restrictions to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate together with a detailed report of the policy rationale for the decision, including any and all data considered in making such decision.
Each enterprise and the Secretary of Housing and Urban Development, with respect to the FHA mortgage insurance programs, shall provide reports to the Congress, and make such reports publicly available, not less frequently than quarterly regarding the impact of COVID-19 pandemic on the such enterprises’ and program’s ability to meet their charter requirements, civil rights responsibilities, mandates under the CARES Act ( Public Law 116–136 ), and other laws enacted in response to the COVID-19 pandemic, and other requirements under law.
The first such report shall be submitted not later than the expiration of the 3-month period beginning upon the date of the enactment of this Act and the requirement under this paragraph to submit such reports shall terminate upon the expiration of the 2-year period beginning upon the termination of the COVID-19 emergency. Each report required under paragraph
(1)shall include the following information for the most recent quarter for which data is available: For each report required by an enterprise: The number of single-family and multi-family residential mortgage loans purchased by the enterprise and the unpaid principal balance of such mortgage loans purchased, disaggregated by— mortgage loans made to low- and moderate-income borrowers; mortgage loans made for properties in low- and moderate-income census tracts; and mortgage loans made for properties in central cities, rural areas, and underserved areas. In the single-family residential mortgage market— the total number, unpaid principal balance, and length of forbearances provided to borrowers, including whether or not the forbearance was requested by the borrower; a detailed breakdown of the loan modifications offered to borrowers and whether the borrowers accepted the offer including the total number and unpaid principal balance of loan modifications ultimately made to borrowers; a detailed breakdown of the home retention options offered to borrowers and whether the borrowers accepted the offer including the total number and unpaid principal balance of other home retention options ultimately made to borrowers; and the total number of outcomes that included short-sales, deed-in-lieu of foreclosure, and foreclosure sales. A description of any efforts by the enterprise to provide assistance and support to consumers who are not proficient in English. A description of any other efforts by the enterprise to provide assistance to low- and moderate-income communities, central cities, rural areas, and other underserved areas, such as financial literacy and education or support of fair housing and housing counseling agencies. A description of any other assistance provided by the enterprise to consumers in response to the COVID-19 pandemic. For each report required with respect to the FHA mortgage insurance programs: The number and unpaid principal balance for all residential mortgage loans, disaggregated by type, insured under such programs. The total number, unpaid principal balance, and length of forbearances provided to borrowers, including whether or not the forbearance was requested by the borrower. A detailed breakdown of the loan modifications offered to borrowers and whether the borrowers accepted the offer including the total number and unpaid principal balance of loan modifications ultimately made to borrowers. A detailed breakdown of the home retention options offered to borrowers and whether the borrowers accepted the offer including the total number and unpaid principal balance of other home retention options ultimately made to borrowers. A description of any efforts under such programs to provide assistance and support to consumers who are not proficient in English. A description of any other efforts under such programs to provide assistance to low- and moderate-income communities, central cities, rural areas, and other underserved areas, such as financial literacy and education or support of fair housing and housing counseling agencies. A description of any other assistance provided under such programs to consumers in response to the COVID-19 pandemic. Each report required under paragraph
(1)shall include, to the degree reasonably possible, the following information: An analysis of all loan level data required by subparagraphs
(A)and
(B)disaggregated by race, national origin, gender, disability status, whether or not the borrower seeking or obtaining assistance speaks English as a second language, the preferred language of the borrower, debt-to-income level of the borrower, loan-to-value ratio of the loan, and credit score of the borrower. A geographical analysis at the census tract level, but if information is not available at the census tract level for any of the items required by subparagraphs
(A)and (B), the geographical analysis shall be provided at the zip code level for the item for which a census tract analysis was not possible. A description of any policy changes made by the enterprise or Secretary of Housing and Urban Development, as appropriate, in response to the COVID-19 pandemic and analysis of actions taken to ensure that such policy changes were in compliance with all relevant civil rights responsibilities, including the Fair Housing Act, including the Affirmatively Furthering Fair Housing provision, the Equal Credit Opportunity Act, the Community Reinvestment Act of 1977, the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, the Housing and Economic Recovery Act of 2008, Federal Home Loan Bank Act, Executive Orders 11063 and 12892, the Federal National Mortgage Association Charter Act, and the Federal Home Loan Mortgage Corporation Act. Not later than the expiration of the 120-day period that begins upon the termination of the COVID-19 emergency, the Comptroller General of the United States shall submit to the Congress and make public available a report on— the extent to which the enterprises and the FHA mortgage insurance programs provided loan products, forbearances, loan modifications, and COVID-19-related assistance to consumers; the availability and type of any such assistance provided post-forbearance; and the overall ability of the enterprises and the FHA mortgage insurance programs to successfully meet their charter requirements, civil rights responsibilities, and other requirements under law.
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Sec. 4
Reporting requirements
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