Sec. 3. HUD oversight of servicers

238 words·~1 min read·/bill/116/s/2279/is/section-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 533 of the National Housing Act ( 12 U.S.C. 1735f–11 ) is amended by adding at the end the following: The Secretary shall conduct oversight of servicers of single family mortgages insured under this Act on a regular and ongoing basis and in a manner designed to— ensure that the servicers comply with the requirements of this Act and the standards and guidelines established by the Secretary for the servicing of those mortgages; and identify systemic problems and trends with the compliance described in clause (i). The oversight conducted under subparagraph

(A)shall include— oversight designed to ensure that the servicers comply with the requirements under this Act, and the standards and guidelines established by the Secretary, for loss mitigation; and appropriate sampling and review of the compliance described in clause (i), including direct information collection through generally accepted means from borrowers whose files were sampled, such as surveys, focus groups, interview, or other similar measures. The Secretary shall take such actions as may be necessary to remedy failures by servicers of single family mortgages insured under this Act to comply with the requirements of this Act and the standards and guidelines established by the Secretary for the servicing of those mortgages, including ordering noncompliant servicers to take corrective actions, including barring foreclosure and cancelling from the borrower's account balance and from any insurance claim any interest and other fees that accrued during periods of noncompliance. .

Connections1 off-index

1 reference not yet in our index

12 USC 1735f–11

Citation graph

cites case law

Sec. 3

HUD oversight of servicers

Cite12 USC 1735f–11

Cites 1Cited by 0 across 0 sources