I 

117TH CONGRESS 

1ST SESSION H. R. 618 

To promote access to mortgage credit during the COVID–19 pandemic by 

preventing restrictions on providing Federal backing for single-family 

mortgage loans in forbearance, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 28, 2021 

Mr. VARGAS (for himself, Ms. WATERS, Ms. VELA ́ZQUEZ, Mr. CLEAVER, Ms. 

LEE of California, Mrs. HAYES, Mr. EVANS, and Ms. BARRAGA ́N) introduced the following bill; which was referred to the Committee on Financial Services 

A BILL 

To promote access to mortgage credit during the COVID– 

19 pandemic by preventing restrictions on providing Federal backing for single-family mortgage loans in forbearance, and for other purposes. 

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. 

4 This Act may be cited as the ‘‘Promoting Access to 

5 Credit for Homebuyers Act of 2021’’. 


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1 SEC. 2. FANNIE MAE AND FREDDIE MAC. 

2 (a) PURCHASE REQUIREMENTS.—During the period 

3 that begins 5 days after the date of the enactment of this 

4 Act and ends 60 days after the covered period with respect 

5 to the mortgage, notwithstanding any other provision of 

6 law, an enterprise may not refuse to purchase any single7 family mortgage originated on or after February 1, 2020, 

8 that otherwise would have been eligible for purchase by 

9 such enterprise, solely due to the fact that the borrower 

10 has, for the borrower’s previous mortgage or on the mort11 gage being purchased— 

12 (1) entered into forbearance as a result of a fi13 nancial hardship due, directly or indirectly, to the 

14 COVID-19 emergency; 

15 (2) requested forbearance as a result of a finan16 cial hardship due, directly or indirectly, to the 

17 COVID-19 emergency; or 

18 (3) inquired as to options related to forbearance 

19 as a result of a financial hardship due, directly or 

20 indirectly, to the COVID-19 emergency. 

21 (b) PROHIBITION ON RESTRICTIONS.—With respect 

22 to purchase of single-family mortgages described in sub23 section (a) and specified in any of paragraphs (1) through 

24 (3) of such subsection, an enterprise may not— 


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1 (1) establish additional restrictions that are not 

2 applicable to similarly situated mortgages under 

3 which the borrower is not in forbearance; 

4 (2) charge a higher guarantee fee (within the 

5 meaning provided such term in section 1327 of the 

6 Housing and Community Development Act of 1992 

7 (12 U.S.C. 4547)), or loan level pricing adjustment, 

8 or otherwise alter pricing for such mortgages, rel9 ative to similarly situated mortgages under which 

10 the borrower is not in forbearance; 

11 (3) apply repurchase requirements to such 

12 mortgages that are more restrictive than repurchase 

13 requirements applicable to similarly situated mort14 gages under which the borrower is not in forbear15 ance; or 

16 (4) require lender indemnification of such mort17 gages, solely due to the fact that the borrower is in 

18 forbearance. 

19 (c) FRAUD DETECTION.—This section may not be 

20 construed to prevent an enterprise from conducting over21 sight and review of single-family mortgages purchased 

22 when a borrower is in forbearance on the borrower’s pre23 vious mortgage, or on the mortgage being purchased, for 

24 purposes of detecting fraud. An enterprise shall report any 

25 fraud detected to the Director. 


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1 (d) ENTERPRISE CAPITAL.—During the period that 

2 begins 5 days after the date of the enactment of this Act 

3 and ends 60 days after the covered period with respect 

4 to a mortgage, notwithstanding any other provision of law, 

5 a forbearance on such mortgage shall not be considered 

6 to be a delinquency under such mortgage for purposes of 

7 calculating capital of an enterprise for any purpose under 

8 title XIII of the Housing and Community Development 

9 Act of 1992 (12 U.S.C. 4501 et seq.). 

10 (e) RULES OF CONSTRUCTION.— 

11 (1) PURCHASE PARAMETERS.—This section 

12 may not be construed to require an enterprise to 

13 purchase single-family mortgages that do not meet 

14 existing or amended purchase parameters, other 

15 than parameters related to borrower forbearance, es16 tablished by such enterprise. 

17 (2) EMPLOYMENT; INCOME.—This section may 

18 not be construed to prevent an enterprise from es19 tablishing additional requirements to ensure that a 

20 borrower has not lost their job or income prior to a 

21 mortgage closing. 

22 (f) IMPLEMENTATION.—The Director may issue any 

23 guidance, orders, and regulations necessary to carry out 

24 this section. 


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1 SEC. 3. FHA. 

2 (a) PROHIBITION ON RESTRICTIONS.—During the 

3 period that begins 5 days after the date of the enactment 

4 of this Act and ends 60 days after the covered period with 

5 respect to the mortgage, notwithstanding any other provi6 sion of law, the Secretary of Housing and Urban Develop7 ment may not deny the provision of mortgage insurance 

8 for a single-family mortgage originated on or after Feb9 ruary 1, 2020, may not implement additional premiums 

10 or otherwise alter pricing for such a mortgage, may not 

11 require mortgagee indemnification, and may not establish 

12 additional restrictions on such a mortgagor, solely due to 

13 the fact that the borrower has— 

14 (1) entered into forbearance as a result of a fi15 nancial hardship due, directly or indirectly, to the 

16 COVID-19 emergency; 

17 (2) requested forbearance as a result of a finan18 cial hardship due, directly or indirectly, to the 

19 COVID-19 emergency; or 

20 (3) inquired as to options related to forbearance 

21 as a result of a financial hardship due, directly or 

22 indirectly, to the COVID-19 emergency. 

23 (b) RULES OF CONSTRUCTION.— 

24 (1) INSURANCE.—This section may not be con25 strued to require the Secretary of Housing and 

26 Urban Development to provide insurance on singleVerDate Sep 11 2014 03:51 Feb 20, 2021 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H618.IH H618

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1 family mortgages that do not meet existing or 

2 amended insurance parameters, other than param3 eters related to borrower forbearance, established by 

4 the Secretary. 

5 (2) EMPLOYMENT; INCOME.—This section may 

6 not be construed to prevent the Secretary of Hous7 ing and Urban Development from establishing addi8 tional requirements regarding insurance on single9 family mortgages to ensure that a borrower has not 

10 lost their job or income prior to a mortgage closing. 

11 SEC. 4. REPORTING REQUIREMENTS. 

12 (a) FHFA ACTIONS.—During the COVID-19 emer13 gency, the Director may not increase guarantee fees, loan 

14 level pricing adjustments, or any other fees or implement 

15 any restrictions on access to credit unless the Director 

16 provides 48-hour advance notice of such increase or re17 strictions to the Committee on Financial Services of the 

18 House of Representatives and the Committee on Banking, 

19 Housing, and Urban Affairs of the Senate together with 

20 a detailed report of the policy rationale for the decision, 

21 including any and all data considered in making such deci22 sion. 

23 (b) QUARTERLY REPORTS BY ENTERPRISES AND

24 FHA.— 


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1 (1) REQUIREMENT.—Each enterprise and the 

2 Secretary of Housing and Urban Development, with 

3 respect to the FHA mortgage insurance programs, 

4 shall provide reports to the Congress, and make 

5 such reports publicly available, not less frequently 

6 than quarterly regarding the impact of COVID-19 

7 pandemic on the such enterprises’ and program’s 

8 ability to meet their charter requirements, civil 

9 rights responsibilities, mandates under the CARES 

10 Act (Public Law 116–136), and other laws enacted 

11 in response to the COVID-19 pandemic, and other 

12 requirements under law. The first such report shall 

13 be submitted not later than the expiration of the 3- 

14 month period beginning upon the date of the enact15 ment of this Act and the requirement under this 

16 paragraph to submit such reports shall terminate 

17 upon the expiration of the 2-year period beginning 

18 upon the termination of the COVID-19 emergency. 

19 (2) CONTENT.—Each report required under 

20 paragraph (1) shall include the following information 

21 for the most recent quarter for which data is avail22 able: 

23 (A) ENTERPRISES.—For each report re24 quired by an enterprise: 


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1 (i) The number of single-family and 

2 multi-family residential mortgage loans 

3 purchased by the enterprise and the un4 paid principal balance of such mortgage 

5 loans purchased, disaggregated by— 

6 (I) mortgage loans made to low7 and moderate-income borrowers; 

8 (II) mortgage loans made for 

9 properties in low- and moderate-in10 come census tracts; and 

11 (III) mortgage loans made for 

12 properties in central cities, rural 

13 areas, and underserved areas. 

14 (ii) In the single-family residential 

15 mortgage market— 

16 (I) the total number, unpaid 

17 principal balance, and length of 

18 forbearances provided to borrowers, 

19 including whether or not the forbear20 ance was requested by the borrower; 

21 (II) a detailed breakdown of the 

22 loan modifications offered to bor23 rowers and whether the borrowers ac24 cepted the offer including the total 

25 number and unpaid principal balance 


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1 of loan modifications ultimately made 

2 to borrowers; 

3 (III) a detailed breakdown of the 

4 home retention options offered to bor5 rowers and whether the borrowers ac6 cepted the offer including the total 

7 number and unpaid principal balance 

8 of other home retention options ulti9 mately made to borrowers; 

10 (IV) the total number of out11 comes that included short-sales, deed12 in-lieu of foreclosure, and foreclosure 

13 sales; and 

14 (V) the total number of delin15 quent mortgage loans. 

16 (iii) A description of any efforts by 

17 the enterprise to provide assistance and 

18 support to consumers who are not pro19 ficient in English. 

20 (iv) A description of any other efforts 

21 by the enterprise to provide assistance to 

22 low- and moderate-income communities, 

23 central cities, rural areas, and other under24 served areas, such as financial literacy and 


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1 education or support of fair housing and 

2 housing counseling agencies. 

3 (v) A description of any other assist4 ance provided by the enterprise to con5 sumers in response to the COVID-19 pan6 demic. 

7 (B) FHA.—For each report required with 

8 respect to the FHA mortgage insurance pro9 grams: 

10 (i) The number and unpaid principal 

11 balance for all residential mortgage loans, 

12 disaggregated by type, insured under such 

13 programs. 

14 (ii) The total number, unpaid prin15 cipal balance, and length of forbearances 

16 provided to borrowers, including whether 

17 or not the forbearance was requested by 

18 the borrower. 

19 (iii) A detailed breakdown of the loan 

20 modifications offered to borrowers and 

21 whether the borrowers accepted the offer 

22 including the total number and unpaid 

23 principal balance of loan modifications ulti24 mately made to borrowers. 


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1 (iv) A detailed breakdown of the home 

2 retention options offered to borrowers and 

3 whether the borrowers accepted the offer 

4 including the total number and unpaid 

5 principal balance of other home retention 

6 options ultimately made to borrowers. 

7 (v) A description of any efforts under 

8 such programs to provide assistance and 

9 support to consumers who are not pro10 ficient in English. 

11 (vi) A description of any other efforts 

12 under such programs to provide assistance 

13 to low- and moderate-income communities, 

14 central cities, rural areas, and other under15 served areas, such as financial literacy and 

16 education or support of fair housing and 

17 housing counseling agencies. 

18 (vii) A description of any other assist19 ance provided under such programs to con20 sumers in response to the COVID-19 pan21 demic. 

22 (viii) The total number of delinquent 

23 mortgage loans. 

24 (C) PROVISIONS TO BE INCLUDED IN ALL

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1 graph (1) shall include, to the degree reason2 ably possible, the following information: 

3 (i) An analysis of all loan level data 

4 required by subparagraphs (A) and (B) 

5 disaggregated by race, national origin, gen6 der, disability status, whether or not the 

7 borrower seeking or obtaining assistance 

8 speaks English as a second language, the 

9 preferred language of the borrower, debt10 to-income level of the borrower, loan-to11 value ratio of the loan, and credit score of 

12 the borrower. 

13 (ii) A geographical analysis at the 

14 census tract level, but if information is not 

15 available at the census tract level for any 

16 of the items required by subparagraphs 

17 (A) and (B), the geographical analysis 

18 shall be provided at the zip code level for 

19 the item for which a census tract analysis 

20 was not possible. 

21 (iii) A description of any policy 

22 changes made by the enterprise or Sec23 retary of Housing and Urban Develop24 ment, as appropriate, in response to the 

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1 tions taken to ensure that such policy 

2 changes were in compliance with all rel3 evant civil rights responsibilities, including 

4 the Fair Housing Act, including the Af5 firmatively Furthering Fair Housing provi6 sion, the Equal Credit Opportunity Act, 

7 the Community Reinvestment Act of 1977, 

8 the Federal Housing Enterprises Financial 

9 Safety and Soundness Act of 1992, the 

10 Housing and Economic Recovery Act of 

11 2008, Federal Home Loan Bank Act, Ex12 ecutive Orders 11063 and 12892, the Fed13 eral National Mortgage Association Char14 ter Act, and the Federal Home Loan Mort15 gage Corporation Act. 

16 (c) REPORT BY GAO.—Not later than the expiration 

17 of the 120-day period that begins upon the termination 

18 of the COVID-19 emergency, the Comptroller General of 

19 the United States shall submit to the Congress and make 

20 publicly available a report on— 

21 (1) the extent to which the enterprises and the 

22 FHA mortgage insurance programs provided loan 

23 products, forbearances, loan modifications, and 

24 COVID-19-related assistance to consumers and the 


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1 total number of delinquent mortgage loans under 

2 such programs; 

3 (2) the availability and type of any such assist4 ance provided post-forbearance; and 

5 (3) the overall ability of the enterprises and the 

6 FHA mortgage insurance programs to successfully 

7 meet their charter requirements, civil rights respon8 sibilities, and other requirements under law. 

9 The report shall also include an analysis of all loan level 

10 data required by this subsection disaggregated by race, na11 tional origin, gender, disability status, whether or not the 

12 borrower seeking or obtaining assistance speaks English 

13 as a second language, the preferred language of the bor14 rower, debt-to-income level of the borrower, loan-to-value 

15 ratio of the loan, and credit score of the borrower. 

16 SEC. 5. DEFINITIONS. 

17 For purposes of this Act, the following definitions 

18 shall apply: 

19 (1) COVERED PERIOD.—The term ‘‘covered pe20 riod’’ means, with respect to a federally backed 

21 mortgage loan, the period of time during which the 

22 borrower under such loan may request forbearance 

23 on the loan under section 4022(b) of the CARES 

24 Act (15 U.S.C. 9056; Public Law 116–136; 134 

25 Stat. 490). 


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1 (2) COVID-19 EMERGENCY.—The term 

2 ‘‘COVID-19 emergency’’ has the meaning given such 

3 term in section 4022 of the CARES Act (15 U.S.C. 

4 9056; Public Law 116–136; 134 Stat. 490). 

5 (3) DIRECTOR.—The term ‘‘Director’’ means 

6 the Director of the Federal Housing Finance Agen7 cy. 

8 (4) ENTERPRISE.—The term ‘‘enterprise’’ has 

9 the meaning given such term in section 1303 of the 

10 Housing and Community Development Act of 1992 

11 (12 U.S.C. 4502). 

Æ 


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