I 
116TH CONGRESS 
2D SESSION 
H. R. 6794 
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 
MAY 8, 2020 
Mr. VARGAS (for himself and Ms. WATERS) 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 Fed-
eral backing for single-family mortgage loans in forbear-
ance, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Promoting Access to 
Credit for Homebuyers Act of 2020’’. 
SEC. 2. FANNIE MAE AND FREDDIE MAC. 
(a) PURCHASE REQUIREMENTS.—During the period 
that begins 5 days after the date of the enactment of this 
VerDate Sep 11 2014 
18:47 May 21, 2020
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
Act and ends 60 days after the covered period with respect 
to the mortgage, notwithstanding any other provision of 
law, an enterprise may not refuse to purchase any single- 
family mortgage originated on or after February 1, 2020, 
that otherwise would have been eligible for purchase by 
such enterprise, solely due to the fact that the borrower 
has, for the borrower’s previous mortgage or on the mort-
gage being purchased— 
(1) entered into forbearance as a result of a fi-
nancial hardship due, directly or indirectly, to the 
COVID-19 emergency; 
(2) requested forbearance as a result of a finan-
cial hardship due, directly or indirectly, to the 
COVID-19 emergency; or 
(3) inquired as to options related to forbearance 
as a result of a financial hardship due, directly or 
indirectly, to the COVID-19 emergency. 
(b) PROHIBITION ON RESTRICTIONS.—With respect 
to purchase of single-family mortgages described in sub-
section (a) and specified in any of paragraphs (1) through 
(3) of such subsection, an enterprise may not— 
(1) establish additional restrictions that are not 
applicable to similarly situated mortgages under 
which the borrower is not in forbearance; 
VerDate Sep 11 2014 
22:57 Jun 03, 2020
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
(2) charge a higher guarantee fee (within the 
meaning provided such term in section 1327 of the 
Housing and Community Development Act of 1992 
(12 U.S.C. 4547)), or loan level pricing adjustment, 
or otherwise alter pricing for such mortgages, rel-
ative to similarly situated mortgages under which 
the borrower is not in forbearance; 
(3) apply repurchase requirements to such 
mortgages that are more restrictive than repurchase 
requirements applicable to similarly situated mort-
gages under which the borrower is not in forbear-
ance; or 
(4) require lender indemnification of such mort-
gages, solely due to the fact that the borrower is in 
forbearance. 
(c) FRAUD DETECTION.—This section may not be 
construed to prevent an enterprise from conducting over-
sight and review of single-family mortgages purchased 
when a borrower is in forbearance on the borrower’s pre-
vious mortgage, or on the mortgage being purchased, for 
purposes of detecting fraud. An enterprise shall report any 
fraud detected to the Director. 
(d) ENTERPRISE CAPITAL.—During the period that 
begins 5 days after the date of the enactment of this Act 
and ends 60 days after the covered period with respect 
VerDate Sep 11 2014 
18:47 May 21, 2020
Jkt 099200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
to a mortgage, notwithstanding any other provision of law, 
a forbearance on such mortgage shall not be considered 
to be a delinquency under such mortgage for purposes of 
calculating capital of an enterprise for any purpose under 
title XIII of the Housing and Community Development 
Act of 1992 (12 U.S.C. 4501 et seq.). 
(e) RULES OF CONSTRUCTION.— 
(1) PURCHASE
PARAMETERS.—This section 
may not be construed to require an enterprise to 
purchase single-family mortgages that do not meet 
existing or amended purchase parameters, other 
than parameters related to borrower forbearance, es-
tablished by such enterprise. 
(2) EMPLOYMENT; INCOME.—This section may 
not be construed to prevent an enterprise from es-
tablishing additional requirements to ensure that a 
borrower has not lost their job or income prior to a 
mortgage closing. 
(f) IMPLEMENTATION.—The Director may issue any 
guidance, orders, and regulations necessary to carry out 
this section. 
SEC. 3. FHA. 
(a) PROHIBITION
ON RESTRICTIONS.—During the 
period that begins 5 days after the date of the enactment 
of this Act and ends 60 days after the covered period with 
VerDate Sep 11 2014 
18:47 May 21, 2020
Jkt 099200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
respect to the mortgage, notwithstanding any other provi-
sion of law, the Secretary of Housing and Urban Develop-
ment may not deny the provision of mortgage insurance 
for a single-family mortgage originated on or after Feb-
ruary 1, 2020, may not implement additional premiums 
or otherwise alter pricing for such a mortgage, may not 
require mortgagee indemnification, and may not establish 
additional restrictions on such a mortgagor, solely due to 
the fact that the borrower has— 
(1) entered into forbearance as a result of a fi-
nancial hardship due, directly or indirectly, to the 
COVID-19 emergency; 
(2) requested forbearance as a result of a finan-
cial hardship due, directly or indirectly, to the 
COVID-19 emergency; or 
(3) inquired as to options related to forbearance 
as a result of a financial hardship due, directly or 
indirectly, to the COVID-19 emergency. 
(b) RULES OF CONSTRUCTION.— 
(1) INSURANCE.—This section may not be con-
strued to require the Secretary of Housing and 
Urban Development to provide insurance on single- 
family mortgages that do not meet existing or 
amended insurance parameters, other than param-
VerDate Sep 11 2014 
18:47 May 21, 2020
Jkt 099200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
eters related to borrower forbearance, established by 
the Secretary. 
(2) EMPLOYMENT; INCOME.—This section may 
not be construed to prevent the Secretary of Hous-
ing and Urban Development from establishing addi-
tional requirements regarding insurance on single- 
family mortgages to ensure that a borrower has not 
lost their job or income prior to a mortgage closing. 
SEC. 4. REPORTING REQUIREMENTS. 
(a) FHFA ACTIONS.—During the COVID-19 emer-
gency, the Director may not increase guarantee fees, loan 
level pricing adjustments, or any other fees or implement 
any restrictions on access to credit unless the Director 
provides 48-hour advance notice of such increase or re-
strictions to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate together with 
a detailed report of the policy rationale for the decision, 
including any and all data considered in making such deci-
sion. 
(b) QUARTERLY REPORTS
BY ENTERPRISES
AND 
FHA.— 
(1) REQUIREMENT.—Each enterprise and the 
Secretary of Housing and Urban Development, with 
respect to the FHA mortgage insurance programs, 
VerDate Sep 11 2014 
23:14 Jun 03, 2020
Jkt 099200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
shall provide reports to the Congress, and make 
such reports publicly available, not less frequently 
than quarterly regarding the impact of COVID-19 
pandemic on the such enterprises’ and program’s 
ability to meet their charter requirements, civil 
rights responsibilities, mandates under the CARES 
Act (Public Law 116–136), and other laws enacted 
in response to the COVID-19 pandemic, and other 
requirements under law. The first such report shall 
be submitted not later than the expiration of the 3- 
month period beginning upon the date of the enact-
ment of this Act and the requirement under this 
paragraph to submit such reports shall terminate 
upon the expiration of the 2-year period beginning 
upon the termination of the COVID-19 emergency. 
(2) CONTENT.—Each report required under 
paragraph (1) shall include the following information 
for the most recent quarter for which data is avail-
able: 
(A) ENTERPRISES.—For each report re-
quired by an enterprise: 
(i) The number of single-family and 
multi-family residential mortgage loans 
purchased by the enterprise and the un-
VerDate Sep 11 2014 
18:47 May 21, 2020
Jkt 099200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
paid principal balance of such mortgage 
loans purchased, disaggregated by— 
(I) mortgage loans made to low- 
and moderate-income borrowers; 
(II) mortgage loans made for 
properties in low- and moderate-in-
come census tracts; and 
(III) mortgage loans made for 
properties in central cities, rural 
areas, and underserved areas. 
(ii) In the single-family residential 
mortgage market— 
(I) the total number, unpaid 
principal 
balance, 
and 
length 
of 
forbearances provided to borrowers, 
including whether or not the forbear-
ance was requested by the borrower; 
(II) a detailed breakdown of the 
loan modifications offered to bor-
rowers and whether the borrowers ac-
cepted the offer including the total 
number and unpaid principal balance 
of loan modifications ultimately made 
to borrowers; 
VerDate Sep 11 2014 
18:47 May 21, 2020
Jkt 099200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
(III) a detailed breakdown of the 
home retention options offered to bor-
rowers and whether the borrowers ac-
cepted the offer including the total 
number and unpaid principal balance 
of other home retention options ulti-
mately made to borrowers; and 
(IV) the total number of out-
comes that included short-sales, deed- 
in-lieu of foreclosure, and foreclosure 
sales. 
(iii) A description of any efforts by 
the enterprise to provide assistance and 
support to consumers who are not pro-
ficient in English. 
(iv) A description of any other efforts 
by the enterprise to provide assistance to 
low- and moderate-income communities, 
central cities, rural areas, and other under-
served areas, such as financial literacy and 
education or support of fair housing and 
housing counseling agencies. 
(v) A description of any other assist-
ance provided by the enterprise to con-
VerDate Sep 11 2014 
18:47 May 21, 2020
Jkt 099200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
sumers in response to the COVID-19 pan-
demic. 
(B) FHA.—For each report required with 
respect to the FHA mortgage insurance pro-
grams: 
(i) The number and unpaid principal 
balance for all residential mortgage loans, 
disaggregated by type, insured under such 
programs. 
(ii) The total number, unpaid prin-
cipal balance, and length of forbearances 
provided to borrowers, including whether 
or not the forbearance was requested by 
the borrower. 
(iii) A detailed breakdown of the loan 
modifications offered to borrowers and 
whether the borrowers accepted the offer 
including the total number and unpaid 
principal balance of loan modifications ulti-
mately made to borrowers. 
(iv) A detailed breakdown of the home 
retention options offered to borrowers and 
whether the borrowers accepted the offer 
including the total number and unpaid 
VerDate Sep 11 2014 
18:47 May 21, 2020
Jkt 099200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
principal balance of other home retention 
options ultimately made to borrowers. 
(v) A description of any efforts under 
such programs to provide assistance and 
support to consumers who are not pro-
ficient in English. 
(vi) A description of any other efforts 
under such programs to provide assistance 
to low- and moderate-income communities, 
central cities, rural areas, and other under-
served areas, such as financial literacy and 
education or support of fair housing and 
housing counseling agencies. 
(vii) A description of any other assist-
ance provided under such programs to con-
sumers in response to the COVID-19 pan-
demic. 
(C) PROVISIONS TO BE INCLUDED IN ALL 
REPORTS.—Each report required under para-
graph (1) shall include, to the degree reason-
ably possible, the following information: 
(i) An analysis of all loan level data 
required by subparagraphs (A) and (B) 
disaggregated by race, national origin, gen-
der, disability status, whether or not the 
VerDate Sep 11 2014 
18:47 May 21, 2020
Jkt 099200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
borrower seeking or obtaining assistance 
speaks English as a second language, the 
preferred language of the borrower, debt- 
to-income level of the borrower, loan-to- 
value ratio of the loan, and credit score of 
the borrower. 
(ii) A geographical analysis at the 
census tract level, but if information is not 
available at the census tract level for any 
of the items required by subparagraphs 
(A) and (B), the geographical analysis 
shall be provided at the zip code level for 
the item for which a census tract analysis 
was not possible. 
(iii) A description of any policy 
changes made by the enterprise or Sec-
retary of Housing and Urban Develop-
ment, as appropriate, in response to the 
COVID-19 pandemic and analysis of ac-
tions taken to ensure that such policy 
changes were in compliance with all rel-
evant civil rights responsibilities, including 
the Fair Housing Act, including the Af-
firmatively Furthering Fair Housing provi-
sion, the Equal Credit Opportunity Act, 
VerDate Sep 11 2014 
18:47 May 21, 2020
Jkt 099200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
the Community Reinvestment Act of 1977, 
the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992, the 
Housing and Economic Recovery Act of 
2008, Federal Home Loan Bank Act, Ex-
ecutive Orders 11063 and 12892, the Fed-
eral National Mortgage Association Char-
ter Act, and the Federal Home Loan Mort-
gage Corporation Act. 
(c) REPORT BY GAO.—Not later than the expiration 
of the 120-day period that begins upon the termination 
of the COVID-19 emergency, the Comptroller General of 
the United States shall submit to the Congress and make 
public available a report on— 
(1) the extent to which the enterprises and the 
FHA mortgage insurance programs provided loan 
products, forbearances, loan modifications, and 
COVID-19-related assistance to consumers; 
(2) the availability and type of any such assist-
ance provided post-forbearance; and 
(3) the overall ability of the enterprises and the 
FHA mortgage insurance programs to successfully 
meet their charter requirements, civil rights respon-
sibilities, and other requirements under law. 
VerDate Sep 11 2014 
18:47 May 21, 2020
Jkt 099200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS
SEC. 5. DEFINITIONS. 
For purposes of this Act, the following definitions 
shall apply: 
(1) COVERED PERIOD.—The term ‘‘covered pe-
riod’’ means, with respect to a federally backed 
mortgage loan, the period of time during which the 
borrower under such loan may request forbearance 
on the loan under section 4022(b) of the CARES 
Act (15 U.S.C. 9056; Public Law 116–136; 134 
Stat. 490). 
(2) 
COVID-19 
EMERGENCY.—The 
term 
‘‘COVID-19 emergency’’ has the meaning given such 
term in section 4022 of the CARES Act (15 U.S.C. 
9056; Public Law 116–136; 134 Stat. 490). 
(3) DIRECTOR.—The term ‘‘Director’’ means 
the Director of the Federal Housing Finance Agen-
cy. 
(4) ENTERPRISE.—The term ‘‘enterprise’’ has 
the meaning given such term in section 1303 of the 
Housing and Community Development Act of 1992 
(12 U.S.C. 4502). 
Æ 
VerDate Sep 11 2014 
20:58 May 21, 2020
Jkt 099200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6301
E:\BILLS\H6794.IH
H6794
pamtmann on DSKBC07HB2PROD with BILLS