assist the Department more generally in its asset 
management responsibilities; and 
(5) providing all relevant information on mort-
gagors and homes to the mortgagee on the loan and 
the Secretary in a format, approved by the Sec-
retary, which helps improve asset management and 
maximize asset recovery of these delinquent loans. 
(b) QUALIFIED ENTITIES.—For purposes of this sec-
tion, the term ‘‘qualified entity’’ means a single entity or 
a consortia or partnership of entities that— 
(1) have experience in carrying out the activi-
ties identified in subsection (a); 
(2) are not affiliated with the mortgagor under 
any of the covered mortgages for which it is author-
ized to carry out actions under the pilot program 
under this section; and 
(3) comply with all relevant State and Federal 
laws. 
(c) SELECTION OF A QUALIFIED ENTITY OR ENTI-
TIES.— 
(1) SCOPE.—The Secretary shall have the dis-
cretion to select qualified entities to participate in 
the pilot program under this section. 
(2) CRITERIA.—Such selection shall be based 
on the qualifications and experience of the entity or 
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entities to carry out the specific activities identified 
in subsection (a), including the level of infrastruc-
ture capability in reporting detailed information on 
the mortgage loan, underlying property, and the 
mortgagor. 
(3) PARTICIPATING
LOANS.—The Secretary 
shall make available not less than 50,000 and not 
more than 100,000 loans that meet the delinquency 
criteria of subsection (a) for this pilot program. 
(4) TIMING.—The Secretary shall select the 
qualified entity and entities and make available 
loans under the pilot for their performance within 
90 days of the enactment of the Act. 
(d) PAYMENTS.—Payments to the entity or entities 
selected to carry out the pilot program under this section 
may be based on— 
(1) a flat amount per covered mortgage; 
(2) a performance success basis based on— 
(A) completed packages; or 
(B) completed loan modifications, pre-fore-
closure sales, and deeds in lieu of foreclosure; 
or 
(3) a combination of the methods under para-
graphs (1) and (2). 
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(e) PROHIBITION ON FEES.—Entities selected to par-
ticipate in the pilot program under this section may not 
charge any fees or require any payments, directly or indi-
rectly, from the mortgagor or the mortgagee of a covered 
mortgage in connection any activities under the program. 
(f) HUD REVIEW AND REPORTING.—The Secretary 
shall publish periodic updates on the status of the pilot 
program under this section, commencing not later than 
30 days after the completion of actions under subsection 
(c)(1) and (c)(3), and thereafter not less often than every 
90 until termination of the pilot program under subsection 
(h). Not later than 60 days after termination of the pilot 
program, the Secretary shall submit to the Congress and 
make publicly available a final report on the pilot program, 
including information and analysis of performance charac-
teristics, which may include comparisons of estimated 
asset recovery levels under the pilot program compared to 
comparable loans not included in the pilot and loans that 
have gone through loan sales. 
(g) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) COVERED MORTGAGE.—The term ‘‘covered 
mortgage’’ means a mortgage on a 1- to 4-family 
residence insured under subsection (b) or (k) of sec-
tion 203, section 234(c), or 251 of the National 
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Housing Act (12 U.S.C. 1709 (b) or (k), 1715y(c), 
1715z–16). 
(2) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Housing and Urban Development. 
(h) TERMINATION.—The Secretary may not make 
any payments under the pilot program under this section 
to any qualified entity for any in-person contact with a 
mortgagor that occurs after the expiration of the 24- 
month period beginning upon the completion of the actions 
under subsection (c)(1) and (c)(3). 
Æ 
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