I 

112TH CONGRESS 

1ST SESSION H. R. 1977 

To improve the financial safety and soundness of the FHA mortgage 

insurance program. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 24, 2011 

Ms. WATERS (for herself, Mr. FRANK of Massachusetts, and Mr. GUTIERREZ) 

introduced the following bill; which was referred to the Committee on Financial Services 

A BILL 

To improve the financial safety and soundness of the FHA 

mortgage insurance program. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE AND TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘FHA Reform Act of 2011’’. 

6 (b) TABLE OF CONTENTS.—The table of contents for 

7 this Act is as follows: 

Sec. 1. Short title and table of contents. 

Sec. 2. Indemnification by mortgagees. 

Sec. 3. Delegation of insuring authority. 

Sec. 4. Authority to terminate mortgagee origination and underwriting approval. 


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Sec. 5. Deputy Assistant Secretary of FHA for Risk Management and Regulatory Affairs. 

Sec. 6. Review of mortgagee performance. 

Sec. 7. Coordination with State regulatory agencies. 

Sec. 8. Reporting of mortgagee actions taken against other mortgagees. 

Sec. 9. Review of downpayment requirements. 

Sec. 10. Authorization to participate in the origination of FHA-insured loans. 

Sec. 11. Default and origination information by loan servicer and originating 

direct endorsement lender. 

Sec. 12. Third party servicer outreach. 

Sec. 13. Maximum mortgage amount limits for multifamily housing. 

Sec. 14. Mortgage insurance premium refunds. 

1 SEC. 2. INDEMNIFICATION BY MORTGAGEES. 

2 Section 202 of the National Housing Act (12 U.S.C. 

3 1708) is amended by adding at the end the following new 

4 subsection: 

5 ‘‘(i) INDEMNIFICATION BY MORTGAGEES.— 

6 ‘‘(1) IN GENERAL.—If the Secretary determines 

7 that a mortgage executed by a mortgagee approved 

8 by the Secretary under the direct endorsement pro9 gram or insured by a mortgagee pursuant to the del10 egation of authority under section 256 was not origi11 nated or underwritten in accordance with the re12 quirements established by the Secretary, and the 

13 Secretary pays an insurance claim with respect to 

14 the mortgage within a reasonable period specified by 

15 the Secretary, the Secretary may require the mort16 gagee approved by the Secretary under the direct en17 dorsement program or the mortgagee delegated au18 thority under section 256 to indemnify the Secretary 

19 for the loss. 


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1 ‘‘(2) FRAUD OR MISREPRESENTATION.—If 

2 fraud or misrepresentation was involved in connec3 tion with the origination or underwriting, the Sec4 retary may require the mortgagee approved by the 

5 Secretary under the direct endorsement program or 

6 the mortgagee delegated authority under section 256 

7 to indemnify the Secretary for the loss regardless of 

8 when an insurance claim is paid. 

9 ‘‘(3) REQUIREMENTS AND PROCEDURES.—The 

10 Secretary shall issue regulations establishing appro11 priate requirements and procedures governing the 

12 indemnification of the Secretary by the mortgagee.’’. 

13 SEC. 3. DELEGATION OF INSURING AUTHORITY. 

14 Section 256 of the National Housing Act (12 U.S.C. 

15 1715z–21) is amended— 

16 (1) by striking subsection (c); 

17 (2) in subsection (e), by striking ‘‘, including’’ 

18 and all that follows through ‘‘by the mortgagee’’; 

19 and 

20 (3) by redesignating subsections (d) and (e) as 

21 subsections (c) and (d), respectively. 

22 SEC. 4. AUTHORITY TO TERMINATE MORTGAGEE ORIGINA23 TION AND UNDERWRITING APPROVAL. 

24 Section 533 of the National Housing Act (12 U.S.C. 

25 1735f–11) is amended— 


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1 (1) in the first sentence of subsection (b), by in2 serting ‘‘or areas or on a nationwide basis’’ after 

3 ‘‘area’’ each place such term appears; and 

4 (2) in subsection (c), by striking ‘‘(c)’’ and all 

5 that follows through ‘‘The Secretary’’ in the first 

6 sentence of paragraph (2) and inserting the fol7 lowing: 

8 ‘‘(c) TERMINATION OF MORTGAGEE ORIGINATION

9 AND UNDERWRITING APPROVAL.— 

10 ‘‘(1) TERMINATION AUTHORITY.—If the Sec11 retary determines, under the comparison provided in 

12 subsection (b), that a mortgagee has a rate of early 

13 defaults and claims that is excessive, the Secretary 

14 may terminate the approval of the mortgagee to 

15 originate or underwrite single family mortgages for 

16 any area, or areas, or on a nationwide basis, not17 withstanding section 202(c) of this Act. 

18 ‘‘(2) PROCEDURE.—The Secretary’’. 

19 SEC. 5. DEPUTY ASSISTANT SECRETARY OF FHA FOR RISK 

20 MANAGEMENT AND REGULATORY AFFAIRS. 

21 (a) ESTABLISHMENT OF POSITION.—Subsection (b) 

22 of section 4 of the Department of Housing and Urban De23 velopment Act (42 U.S.C. 3533(b)) is amended— 

24 (1) by inserting ‘‘(1)’’ after ‘‘(b)’’; and 


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1 (2) by adding at the end the following new 

2 paragraph: 

3 ‘‘(2) There shall be in the Department, within the 

4 Federal Housing Administration, a Deputy Assistant Sec5 retary for Risk Management and Regulatory Affairs, who 

6 shall be appointed by the Secretary and shall be respon7 sible to the Federal Housing Commissioner for all matters 

8 relating to managing and mitigating risk to the mortgage 

9 insurance funds of the Department and ensuring the per10 formance of mortgages insured by the Department.’’. 

11 (b) TERMINATION.—Upon the appointment and con12 firmation of the initial Deputy Assistant Secretary for 

13 Risk Management and Regulatory Affairs pursuant to sec14 tion 4(b)(2) of the Department of Housing and Urban De15 velopment Act, as amended by subsection (a) of this sec16 tion, the position of chief risk officer within the Federal 

17 Housing Administration, filled by appointment by the 

18 Federal Housing Commissioner, is abolished. 

19 SEC. 6. REVIEW OF MORTGAGEE PERFORMANCE. 

20 Section 533 of the National Housing Act (12 U.S.C. 

21 1735f–11) is amended— 

22 (1) in subsection (a), by inserting after the pe23 riod at the end the following: ‘‘For purposes of this 

24 subsection, the term ‘early default’ means a default 

25 that occurs within 24 months after a mortgage is 


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1 originated or such alternative appropriate period as 

2 the Secretary shall establish.’’; 

3 (2) in subsection (b), by inserting after the pe4 riod at the end of the first sentence the following: 

5 ‘‘The Secretary shall also identify which mortgagees 

6 have had a significant or rapid increase, as deter7 mined by the Secretary, in the number or percentage 

8 of early defaults and claims on such mortgages, with 

9 respect to all mortgages originated by the mortgagee 

10 or mortgages on housing located in any particular 

11 geographic area or areas.’’ 

12 (3) by adding at the end the following new sub13 sections: 

14 ‘‘(d) SUFFICIENT RESOURCES.—There is authorized 

15 to be appropriated to the Secretary for each of fiscal years 

16 2012 through 2016 the amount necessary to provide addi17 tional full-time equivalent positions for the Department, 

18 or for entering into such contracts as are necessary, to 

19 conduct reviews in accordance with the requirements of 

20 this section and to carry out other responsibilities relating 

21 to ensuring the safety and soundness of the Mutual Mort22 gage Insurance Fund. 

23 ‘‘(e) REPORTING TO CONGRESS.—Not later than 90 

24 days after the date of enactment of the FHA Reform Act 

25 of 2011 and not less often than annually thereafter, the 


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1 Secretary shall make available to the Committee on Finan2 cial Services of the House of Representatives and the 

3 Committee on Banking, Housing, and Urban Affairs of 

4 the Senate any information and conclusions pursuant to 

5 the reviews required under subsection (a). Such report 

6 shall not include detailed information on the performance 

7 of individual mortgages.’’. 

8 SEC. 7. COORDINATION WITH STATE REGULATORY AGEN9 CIES. 

10 Section 202 of the National Housing Act (12 U.S.C. 

11 1708), as amended by the preceding provisions of this Act, 

12 is further amended by adding at the end the following new 

13 subsection: 

14 ‘‘(j) INFORMATION SHARING WITH STATE REGU15 LATORY AGENCIES.— 

16 ‘‘(1) JOINT PROTOCOL ON INFORMATION SHAR17 ING.—The Secretary shall, through consultation with 

18 State regulatory agencies, pursue protocols for infor19 mation sharing, including the appropriate treatment 

20 of confidential or otherwise restricted information, 

21 regarding either actions described in subsection 

22 (c)(3) of this section or disciplinary or enforcement 

23 actions by a State regulatory agency or agencies 

24 against a mortgagee (as such term is defined in sub25 section (c)(7)). 


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1 ‘‘(2) COORDINATION.—To the greatest extent 

2 possible, the Secretary and appropriate State regu3 latory agencies shall coordinate disciplinary and en4 forcement actions involving mortgagees (as such 

5 term is defined in subsection (c)(7)).’’. 

6 SEC. 8. REPORTING OF MORTGAGEE ACTIONS TAKEN 

7 AGAINST OTHER MORTGAGEES. 

8 Section 202 of the National Housing Act (12 U.S.C. 

9 1708(e)), as amended by the preceding provisions of this 

10 Act, is further amended by adding at the end the following 

11 new subsection: 

12 ‘‘(k) NOTIFICATION OF MORTGAGEE ACTIONS.—The 

13 Secretary shall require each mortgagee, as a condition for 

14 approval by the Secretary to originate or underwrite mort15 gages on single family or multifamily housing that are in16 sured by the Secretary, if such mortgagee engages in the 

17 purchase of mortgages insured by the Secretary and origi18 nated by other mortgagees or in the purchase of the serv19 icing rights to such mortgages, and such mortgagee at any 

20 time takes action to terminate or discontinue such pur21 chases from another mortgagee based on any determina22 tion, evidence, or report of fraud or material misrepresen23 tation in connection with the origination of such mort24 gages, the mortgagee shall, not later than 15 days after 


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1 taking such action, shall notify the Secretary of the action 

2 taken and the reasons for such action.’’. 

3 SEC. 9. REVIEW OF DOWNPAYMENT REQUIREMENTS. 

4 Section 205 of the National Housing Act (12 U.S.C. 

5 1711) is amended by adding at the end the following new 

6 subsection: 

7 ‘‘(g) REVIEW OF DOWNPAYMENT REQUIREMENTS.— 

8 If, at any time when the capital ratio (as such term is 

9 defined in subsection (f)) of the Mutual Mortgage Insur10 ance Fund does not comply with the requirement under 

11 subsection (f)(2), the Secretary establishes a cash invest12 ment requirement, for all mortgages or mortgagors or with 

13 respect to any group of mortgages or mortgagors, that ex14 ceeds the minimum percentage or amount required under 

15 section 203(b)(9), thereafter upon the capital ratio first 

16 complying with the requirement under subsection (f)(2) 

17 the Secretary shall review such cash investment require18 ment and, if the Secretary determines that such percent19 age or amount may be reduced while maintaining such 

20 compliance, the Secretary may subsequently reduce such 

21 requirement by such percentage or amount as the Sec22 retary considers appropriate.’’. 


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1 SEC. 10. AUTHORIZATION TO PARTICIPATE IN THE ORIGI2 NATION OF FHA-INSURED LOANS. 

3 (a) SINGLE FAMILY MORTGAGES.—Section 203(b) of 

4 the National Housing Act (12 U.S.C. 1709(b)) is amended 

5 by striking paragraph (1) and inserting the following new 

6 paragraph: 

7 ‘‘(1) Have been made to a mortgagee approved 

8 by the Secretary or to a person or entity authorized 

9 by the Secretary under section 202(d)(1) to partici10 pate in the origination of the mortgage, and be held 

11 by a mortgagee approved by the Secretary as re12 sponsible and able to service the mortgage prop13 erly.’’. 

14 (b) HOME EQUITY CONVERSION MORTGAGES.—Sec15 tion 255(d) of the National Housing Act (12 U.S.C. 

16 1715z–20(d)) is amended by striking paragraph (1) and 

17 inserting the following new paragraph: 

18 ‘‘(1) have been originated by a mortgagee ap19 proved by, or by a person or entity authorized under 

20 section 202(d)(1) to participate in the origination 

21 by, the Secretary;’’. 

22 SEC. 11. DEFAULT AND ORIGINATION INFORMATION BY 

23 LOAN SERVICER AND ORIGINATING DIRECT 

24 ENDORSEMENT LENDER. 

25 (a) COLLECTION OF INFORMATION.—Paragraph (2) 

26 of section 540(b) of the National Housing Act (12 U.S.C. 


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1 1712 U.S.C. 1735f–18(b)(2)) is amended by adding at the 

2 end the following new subparagraph: 

3 ‘‘(C) For each entity that services insured 

4 mortgages, data on the performance of mort5 gages originated during each calendar quarter 

6 occurring during the applicable collection pe7 riod, disaggregated by the direct endorsement 

8 mortgagee from whom such entity acquired 

9 such servicing.’’. 

10 (b) APPLICABILITY.—Information described in sub11 paragraph (C) of section 540(b)(2) of the National Hous12 ing Act, as added by subsection (a) of this section, shall 

13 first be made available under such section 540 for the ap14 plicable collection period (as such term is defined in such 

15 section) relating to the first calendar quarter ending after 

16 the expiration of the 12-month period that begins on the 

17 date of the enactment of this Act. 

18 SEC. 12. THIRD PARTY SERVICER OUTREACH. 

19 (a) AUTHORITY.—The Secretary of Housing and 

20 Urban Development may, to the extent any amounts for 

21 fiscal year 2012 or 2013 are made available in advance 

22 in appropriation Acts for reimbursements under this sec23 tion, provide reimbursement to servicers of covered mort24 gages (as such term is defined in subsection (f)) for costs 

25 of obtaining the services of independent third parties 


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1 meeting the requirements under subsection (b) of this sec2 tion to make in-person contact with mortgagors under cov3 ered mortgages whose payments under such mortgages are 

4 60 or more days past due, solely for the purposes of pro5 viding information to such mortgagors regarding— 

6 (1) available counseling by housing counseling 

7 agencies approved by the Secretary; 

8 (2) available mortgage loan modification, refi9 nance, and assistance programs; and 

10 (3) available counseling regarding financial 

11 management and credit risk. 

12 (b) QUALIFIED INDEPENDENT THIRD PARTIES.—An 

13 independent third party meets the requirements of this 

14 subsection if the third party— 

15 (1) is an entity, including a housing counseling 

16 agency approved by the Secretary, that meets stand17 ards, qualifications, and requirements (including re18 garding foreclosure prevention training, quality mon19 itoring, safeguarding of non-public information) es20 tablished by the Secretary for purposes of this sec21 tion for in-person contact about available mortgage 

22 loan modification, refinance, and assistance pro23 grams; and 

24 (2) does not charge any fees or require other 

25 payments, directly or indirectly, from any mortgagor 


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1 for making in-person contact and providing informa2 tion and documents under this section. 

3 (c) TREATMENT OF PERSONAL, NON-PUBLIC, AND

4 CONFIDENTIAL INFORMATION.—An independent third 

5 party whose services are obtained using amounts made 

6 available for use under this section and the mortgage 

7 servicer obtaining such services shall not use, disclose, or 

8 distribute any personal, non-public, or confidential infor9 mation about a mortgagor obtained during an in-person 

10 contact with the mortgagor, except for purposes of engag11 ing in the process of modification or refinance of the cov12 ered mortgage. 

13 (d) DATE OF CONTACT AND DISCLOSURES.—Each 

14 independent third party whose services are obtained by a 

15 mortgage servicer using amounts made available for use 

16 under this section shall— 

17 (1) initiate in-person contact with a mortgagor 

18 not later than 10 days after the date upon which 

19 payments under the covered mortgage of the mort20 gagor become 60 days past due; and 

21 (2) upon making in-person contact with a mort22 gagor, provide the mortgagor with a written docu23 ment that discloses— 


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1 (A) the name of, and contact information 

2 for, the independent third party and the mort3 gage servicer; 

4 (B) that the independent third party has 

5 contracted with the mortgage servicer to pro6 vide the in-person contact at no charge to the 

7 mortgagor; 

8 (C) that the independent third party is an 

9 agent of the mortgage servicer; 

10 (D) that the in-person contact with the 

11 mortgagor consists of providing information 

12 about available counseling by a housing coun13 seling agency approved by the Secretary and 

14 available mortgage loan modification, refinance, 

15 and assistance programs; 

16 (E) that the independent third party and 

17 the mortgage servicer are prohibited from the 

18 use, disclosure, or distribution of personal, non19 public, and confidential information about the 

20 mortgagor, obtained during the in-person con21 tact, except for purposes of engaging in the 

22 process of modification or refinance of the cov23 ered mortgage; 

24 (F) any other information that the Sec25 retary determines should be disclosed. 


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1 (e) PRIORITY.—In providing reimbursements under 

2 this section, the Secretary of Housing and Urban Develop3 ment shall provide priority to independent third parties 

4 serving mortgagors under covered mortgages in areas ex5 periencing a mortgage foreclosure rate and unemployment 

6 rate higher than the national average for the most recent 

7 12-month period for which satisfactory data are available. 

8 (f) DEFINITION OF COVERED MORTGAGE.—For pur9 poses of this section, the term ‘‘covered mortgage’’ means 

10 a mortgage on a 1- to 4-family residence insured under 

11 the provisions of subsection (b) or (k) of section 203, sec12 tion 234(c), or 251 of the National Housing Act (12 

13 U.S.C. 1709, 1715y, 1715z–16). 

14 SEC. 13. MAXIMUM MORTGAGE AMOUNT LIMITS FOR MUL15 TIFAMILY HOUSING. 

16 (a) ELEVATOR-TYPE STRUCTURES.— 

17 (1) AMENDMENTS.—The National Housing Act 

18 is amended in each of the provisions specified in 

19 paragraph (2)— 

20 (A) by inserting ‘‘with sound standards of 

21 construction and design’’ after ‘‘elevator-type 

22 structures’’ the first place such term appears; 

23 and 

24 (B) by striking ‘‘to not to exceed’’ and all 

25 that follows through ‘‘sound standards of conVerDate Mar 15 2010 22:13 May 31, 2011 Jkt 099200 PO 00000 Frm 00015 Fmt 6652 Sfmt 6201 E:\BILLS\H1977.IH H1977

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1 struction and design’’ each place such terms ap2 pear and inserting ‘‘by not more than 50 per3 cent of the amounts specified for each unit 

4 size’’. 

5 (2) PROVISIONS AMENDED.—The provisions of 

6 the National Housing Act specified in this para7 graph are as follows: 

8 (A) Subparagraph (A) of section 207(c)(3) 

9 (12 U.S.C. 1713(c)(3)(A)). 

10 (B) Subparagraph (A) of section 213(b)(2) 

11 (12 U.S.C. 1715e(b)(2)(A)). 

12 (C) Subclause (I) of section 

13 220(d)(3)(B)(iii) (12 U.S.C. 

14 1715k(d)(3)(B)(iii)(I)). 

15 (D) In section 221(d) (12 U.S.C. 

16 1715l(d))— 

17 (i) subclause (I) of paragraph (3)(ii); 

18 and 

19 (ii) subclause (I) of paragraph (4)(ii). 

20 (E) Subparagraph (A) of section 231(c)(2) 

21 (12 U.S.C. 1715v(c)(2)(A)). 

22 (F) Subparagraph (A) of section 234(e)(3) 

23 (12 U.S.C. 1715y(e)(3)(A)). 


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1 (b) EXTREMELY HIGH-COST AREAS.—Section 214 of 

2 the National Housing Act (12 U.S.C. 1715d) is amend3 ed— 

4 (1) in the first sentence— 

5 (A) by inserting ‘‘, or with respect to 

6 projects consisting of more than four dwelling 

7 units located in an extremely high-cost area as 

8 determined by the Secretary’’ after ‘‘or the Vir9 gin Islands’’ the first place such term appears; 

10 (B) by inserting ‘‘, or to construct projects 

11 consisting of more than four dwelling units on 

12 property located in an extremely high-cost area 

13 as determined by the Secretary’’ after ‘‘or the 

14 Virgin Islands’’ the second place such term ap15 pears; and 

16 (C) by inserting ‘‘, or with respect to 

17 projects consisting of more than four dwelling 

18 units located in an extremely high-cost area as 

19 determined by the Secretary’’ after ‘‘or the Vir20 gin Islands’’ the third place such term appears; 

21 (2) in the second sentence— 

22 (A) by inserting ‘‘, or with respect to a 

23 project consisting of more than four dwelling 

24 units located in an extremely high-cost area as 

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1 gin Islands’’ the first place such term appears; 

2 and 

3 (B) by inserting ‘‘, or in the case of a 

4 project consisting of more than four dwelling 

5 units in an extremely high-cost area as deter6 mined by the Secretary, in such extremely high7 cost area,’’ after ‘‘or the Virgin Islands’’ the 

8 second place such term appears; and 

9 (3) in the section heading, by striking ‘‘AND

10 THE VIRGIN ISLANDS’’ and inserting ‘‘THE VIRGIN

11 ISLANDS, AND EXTREMELY HIGH-COST AREAS’’. 

12 (c) EFFECTIVE DATE.—The amendments made by 

13 this section shall apply to mortgages insured under title 

14 II of the National Housing Act after September 30, 2011. 

15 SEC. 14. MORTGAGE INSURANCE PREMIUM REFUNDS. 

16 (a) AUTHORITY.—The Secretary of Housing and 

17 Urban Development shall, to the extent that amounts are 

18 made available pursuant to subsection (c), provide refunds 

19 of unearned premium charges paid at the time of insur20 ance for mortgage insurance under title II of the National 

21 Housing Act (12 U.S.C. 1707 et seq.) to or on behalf of 

22 mortgagors under mortgages described in subsection (b). 

23 (b) ELIGIBLE MORTGAGES.—A mortgage described 

24 in this section is a mortgage on a one- to four-family 

25 dwelling that— 


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1 (1) was insured under title II of the National 

2 Housing Act (12 U.S.C. 1707 et seq.); 

3 (2) is otherwise eligible, under the last sentence 

4 of subparagraph (A) of section 203(c)(2) of such Act 

5 (12 U.S.C. 1709(c)(2)(A)), for a refund of all un6 earned premium charges paid on the mortgage pur7 suant to such subparagraph, except that the mort8 gage— 

9 (A) was closed before December 8, 2004; 

10 and 

11 (B) was endorsed on or after such date. 

12 (c) AUTHORIZATION OF APPROPRIATIONS.—There is 

13 authorized to be appropriated for each fiscal year such 

14 sums as may be necessary to provide refunds of unearned 

15 mortgage insurance premiums pursuant to this section. 

Æ 


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