Sec. 6. Lender Relief Fund
660 words·~3 min read·
/bill/117/hr/1847/ih/section-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Secretary of Housing and Urban Development shall establish and manage a Lender Relief Fund (in this section referred to as the Fund ), to provide mortgagees payments under this section to reimburse such mortgagees for mortgage payments suspended pursuant to section 2(b) or for residential mortgage debt forgiven pursuant to section 3(b). The Secretary shall provide for mortgagees under covered residential mortgage loans to apply for reimbursement payments from the Fund, which applications shall include the certifications and binding agreements required pursuant to subsection (c).
The Secretary shall provide that an eligible mortgagee may apply for assistance from the Fund only once with respect to any covered residential mortgage loan. The Secretary may provide a payment under this section only with respect to covered residential mortgage loans that meet all of the following requirements: The mortgagee for the mortgage loan has made such certifications to, and entered into such binding agreements with, the Secretary as the Secretary considers necessary to ensure that during the 5-year period beginning upon initial receipt by such mortgagee of payment under this section for such mortgage loan, such mortgagee shall be subject to the following requirements:
The mortgagee shall report annually to the Secretary such detailed information regarding residential mortgage loans made by such mortgagee as the Secretary shall require, including the race, ethnicity, age, and credit score of mortgagors, the zip codes of properties for which mortgages were made, and the interest rates and other loan pricing features of such mortgage loans. The mortgagee shall report annually to the Secretary such detailed information regarding the mortgagee as the Secretary shall require, including the location of the offices of the mortgagee, and practices and systems for outreach to and referral of borrowers.
The mortgagee for the mortgage loan shall disclose, for any person that has an ownership interest in the mortgagee, including any members, shareholders, general partners, or limited partners, if applicable, the following information: Name. Address of place of residence. Date of birth. Social Security Number or Employer Identification Number. Size of their interest in the mortgagee. Type of entity. State of incorporation. Registered agent. Address of any covered rental dwelling units owned by such person.
Occupancy or vacancy status of all covered rental dwelling units owned by such person. Current rents charged for all covered rental dwelling units owned by such person. Total assets and liabilities. For any person identified in the disclosure required by this paragraph that is not a natural person, the mortgagee shall provide the information required by subparagraph
(A)for that entity and for any persons with ownership interests in that entity and shall provide that information iteratively for each layer of ownership until all ownership interests are traced back to natural persons or publicly traded corporations. Nothing in this paragraph shall require the disclosure of the identity of, or personally-identifying information regarding, shareholders of publicly traded corporations. Assistance may not be provided under this section with respect to any dwelling unit subject to a covered residential mortgage loan for which assistance is provided pursuant to section 5. Subject to paragraph (2), the amount of a payment under this section with respect to a covered residential mortgage may not exceed the aggregate amount of mortgage payments under the mortgage suspended pursuant to section 2(b) or forgiven pursuant to section 3(b). In making payments under this section with respect to any covered residential mortgage loan for which the mortgagor made a mortgage payment during the COVID-19 suspension period, the Secretary shall— reduce the amount of the payment to the mortgagee under paragraph
(1)by the amount of any such mortgage payments paid; and make a payment to the mortgagor in the amount of any such mortgages payments paid. There is authorized to be appropriated for the Lender Relief Fund established pursuant to this section such sums as may be necessary to reimburse all lessors for all rent payments suspended pursuant to section 2(b) or forgiven pursuant to section 3(b).