mortgage unless the person commencing the foreclosure 
complies with all of the following requirements: 
(1) SUBMISSION OF INFORMATION.—The per-
son commencing the foreclosure shall submit to the 
court, in the case of a judicial foreclosure, or to the 
office of the State or other subdivision of the State 
to which notice of default, foreclosure, or sale of the 
foreclosed property is required under State law to be 
submitted, in the case of a nonjudicial foreclosure, 
a report prepared by an independent party that in-
cludes the following information: 
(A) A statement of findings as to whether 
the covered residential mortgage was made and 
serviced in compliance with the terms of, and 
regulations under, the following laws: 
(i) The Truth in Lending Act (15 
U.S.C. 1601) and Regulation Z of the 
Board of Governors of the Federal Reserve 
System under such Act. 
(ii) The Equal Credit Opportunity Act 
(15 U.S.C. 1691 et seq.) and Regulation B 
of the Board of Governors of the Federal 
Reserve System under such Act. 
(iii) The Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.). 
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(iv) The Federal Fair Credit Report-
ing Act (15 U.S.C. 1681 et seq.). 
(v) The Real Estate Settlement Proce-
dures Act of 1974 (12 U.S.C. 2601 et 
seq.) and Regulation X of the Secretary of 
Housing and Urban Development under 
such Act. 
(vi) The Flood Disaster Protection 
Act of 1973 (42 U.S.C. 2002 et seq.). 
(vii) The Fair Housing Act (42 
U.S.C. 3601 et seq.). 
(viii) The Home Mortgage Disclosure 
Act of 1975 (12 U.S.C. 2801 et seq.). 
(ix) The Financial Institutions Re-
form, Recovery, and Enforcement Act of 
1989 (Public Law 101–73). 
(x) Any applicable provisions of State 
and local law relating to real estate lending 
or consumer protection. 
(B) Certification of any mortgage modi-
fication efforts that were employed and any of-
fers made to the mortgagor by the person com-
mencing the foreclosure. 
(C) If any noncompliance is found pursu-
ant to subparagraph (A), a statement as to 
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whether the violations are such that the mort-
gagor should be afforded an extended right, be-
yond the period permitted under State law— 
(i) to rescind the mortgage in defense 
of the foreclosure; or 
(ii) to redeem the mortgage. 
(D) Identification of— 
(i) the actual holder of the mortgage 
note, the originating lender for the mort-
gage and all subsequent assignees, and 
other all parties who have an interest in 
the real estate that is subject to the mort-
gage or in the mortgage or the proceeds of 
the mortgage; and 
(ii) any parties identified pursuant to 
clause (i) that received any assistance pur-
suant to title I of the Emergency Eco-
nomic Stabilization Act of 2008 (12 U.S.C. 
5211 et seq.) and the amount of any such 
assistance received. 
(E) A statement of whether a bona fide de-
fault on the covered mortgage has occurred. 
(F) A description of any hardship cir-
cumstances 
regarding 
the 
economic 
cir-
cumstances of the mortgagor that would be rel-
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evant to a determination by the mortgagee of 
whether to modify the mortgage. 
(G) A statement of whether the mortgage 
is insured under title II of the National Hous-
ing Act (12 U.S.C. 1707 et seq.). 
(H) A statement of whether the mortgage 
is, or any terms of the mortgage are, unfair or 
constitute an unfair or deceptive act or practice 
violating the Federal Trade Commission Act 
(15 U.S.C. 41 et seq.), and if so, a description 
of the unfairness or the unfair or deceptive act 
or practice. 
(I) A statement of whether any material 
misrepresentations were made that fraudulently 
induced the mortgagor to enter into the trans-
action to his or her detriment, and if so, a de-
scription of such misrepresentation. 
(J) Identification of any offsets to the 
creditor claim on the mortgage. 
(K) A statement of the racial characteris-
tics, gender, census tract, and income level of 
the mortgagor, as such terms are used for pur-
poses of compliance with the Home Mortgage 
Disclosure Act of 1975 (12 U.S.C. 2801 et 
seq.). 
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(2) REQUIRED
NOTIFICATION.—The person 
commencing the foreclosure shall provide notice to 
the mortgagor, in writing, not less than 5 days be-
fore any action is taken to commence the proceeding 
or action for foreclosure, and shall certify to the 
court, in the case of a judicial foreclosure, or to the 
office of the State or other subdivision of the State 
to which notice of default, foreclosure, or sale of the 
foreclosed property is required under State law to be 
submitted in the case of a nonjudicial foreclosure, 
that such notice has been provided, that includes the 
following information: 
(A) A statement of any rights of the mort-
gagor under the applicable laws governing the 
foreclosure and consumer rights. 
(B) A statement of any deadlines for filing 
answers, defenses, or objections to the fore-
closure, including those rights of the mortgagor 
under the Real Estate Settlement Procedures 
Act of 1974 and any applicable State laws. 
(C) A statement of any penalties and other 
consequences for the mortgagor if the mort-
gagor does not respond or file answers to the 
foreclosure. 
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(D) A statement of the amounts claimed to 
be in arrears under the mortgage and needed to 
reinstate the account and all associated costs 
and fees, set forth in itemized and distinct cat-
egories, and current and correct contact infor-
mation, including telephone numbers, electronic 
mail addresses, and postal addresses, at which 
the mortgagor can obtain further information 
regarding the mortgage account. 
(E) A description of any additional op-
tions, such as mortgage workout, modification, 
mitigation, and redemption, that might be avail-
able to the mortgagor to prevent the foreclosure 
from proceeding and a description of how the 
mortgagor can obtain additional information re-
garding such options. 
(F) A statement of the correct names, tele-
phone numbers, electronic mail addresses, post-
al addresses, and any State licensing numbers 
of the mortgage holder, the mortgage servicer, 
and the person or persons authorized to take 
the actions described pursuant to subparagraph 
(E). 
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SEC. 3. DEFINITIONS. 
For purposes of this Act, the following definitions 
shall apply: 
(1) INDEPENDENT
PARTY.—The term ‘‘inde-
pendent party’’ means, with respect to foreclosure on 
a covered residential mortgage, an individual who 
has no interest in, or affiliation with, any party in-
volved in such foreclosure or with the covered resi-
dential mortgage involved in such foreclosure, in-
cluding any party that owns, manages, controls, or 
directs such an involved party, any party that is 
owned, managed, controlled, or directed by such an 
involved party, or any party that is under common 
ownership, management, control, or direction with 
such an involved party. 
(2) COVERED
RESIDENTIAL
MORTGAGE.—The 
term ‘‘covered residential mortgage’’ means a mort-
gage that meets the following requirements: 
(A) The property securing the obligation 
under the mortgage shall be a one- to four-fam-
ily dwelling, including a condominium or a 
share in a cooperative ownership housing asso-
ciation. 
(B) The mortgagor under the mortgage 
shall occupy the property securing the obliga-
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tion under the mortgage as his or her principal 
residence. 
(3) MORTGAGE.— 
(A) IN GENERAL.—The term ‘‘mortgage’’ 
means a deed of trust, mortgage, deed to secure 
debt, security agreement, or any other form of 
instrument under which any property (real, per-
sonal, or mixed), or any interest in property 
(including leaseholds, life estates, reversionary 
interests, and any other estates under applica-
ble State law), is conveyed in trust, mortgaged, 
encumbered, pledged, or otherwise rendered 
subject to a lien for the purpose of securing the 
payment of money or the performance of an ob-
ligation. 
(B) 
CONDOMINIUMS
AND
COOPERA-
TIVES.—Such term includes a first mortgage 
given to secure— 
(i) the unpaid purchase price of a fee 
interest in, or a long-term leasehold inter-
est in, a one-family unit in a multifamily 
project, including a project in which the 
dwelling units are attached or are manu-
factured housing units, semi-detached, or 
detached, and an undivided interest in the 
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common areas and facilities that serve the 
project; or 
(ii) repayment of a loan made to fi-
nance the purchase of stock or membership 
in a cooperative housing corporation the 
permanent occupancy of dwelling units of 
which is restricted to members of such cor-
poration, where the purchase of such stock 
or membership entitles the purchaser to 
the permanent occupancy of one of such 
units. 
SEC. 4. RELATION TO STATE LAW. 
This Act does not annul, alter, or affect, or exempt 
any person subject to the provisions of this Act from com-
plying with, the laws of any State or subdivision thereof 
with respect to foreclosure on a residential mortgage, ex-
cept to the extent that those laws are inconsistent with 
any provision of this Act, and then only to the extent of 
the inconsistency. No provision of the laws of any State 
or subdivision thereof may be determined to be incon-
sistent with any provision of this Act if such law is deter-
mined to require greater disclosure or notice than is re-
quired under this Act or to provide greater protection to 
the mortgagee than is required under this Act. 
Æ 
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