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Code · U.S. Code · Title 12 - BANKS AND BANKING · CHAPTER 13— NATIONAL HOUSING · SUBCHAPTER II— MORTGAGE INSURANCE · § 1715z–24

§ 1715z–24. Pilot program for automated process for borrowers without sufficient credit history

241 words·~1 min read·/usc/title-12/section-1715z-24

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The Secretary shall carry out a pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information for mortgagors and prospective mortgagors under mortgages on 1- to 4-family residences to be insured under this subchapter who have insufficient credit histories for determining their creditworthiness. Such alternative credit rating information may include rent, utilities, and insurance payment histories, and such other information as the Secretary considers appropriate.
The Secretary may carry out the pilot program under this section on a limited basis or scope, and may consider limiting the program to first-time homebuyers. In any fiscal year, the aggregate number of mortgages insured pursuant to the automated process established under this section may not exceed 5 percent of the aggregate number of mortgages for 1- to 4-family residences insured by the Secretary under this subchapter during the preceding fiscal year. After the expiration of the 5-year period beginning on July 30, 2008 , the Secretary may not enter into any new commitment to insure any mortgage, or newly insure any mortgage, pursuant to the automated process established under this section.
( June 27, 1934, ch. 847 , title II, § 258, formerly § 257, as added Pub. L. 110–289, div. B, title I, § 2124(a) , July 30, 2008 , 122 Stat. 2839 ; renumbered § 258, Pub. L. 111–22, div. A, title II, § 202(c) , May 20, 2009 , 123 Stat. 1643 .)
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4 references not yet in our index
  • Pub. L. 110-289
  • 122 Stat. 2839
  • Pub. L. 111-22
  • 123 Stat. 1643
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§ 1715z–24
Pilot program for automated process for borrowers without sufficient credit history
Pub. L.Pub. L. 110-289
Stat.122 Stat. 2839
Pub. L.Pub. L. 111-22
Stat.123 Stat. 1643
Cites 4Cited by 0 across 0 sources
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