Title: To require residential mortgage servicers receiving certain emergency relief under the CARES Act to provide reports on loan-level data, and for other purposes.
Policy area: Housing and Community Development

Summary:
This bill requires residential mortgage servicers receiving COVID-19 (i.e., coronavirus disease 2019) economic aid to report monthly on all serviced residential mortgage loans, including information on loan performance and forbearances.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6835 Introduced in House (IH)]

<DOC>






116th CONGRESS
  2d Session
                                H. R. 6835

 To require residential mortgage servicers receiving certain emergency 
 relief under the CARES Act to provide reports on loan-level data, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 12, 2020

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

_______________________________________________________________________

                                 A BILL


 
 To require residential mortgage servicers receiving certain emergency 
 relief under the CARES Act to provide reports on loan-level data, and 
                          for other purposes.

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

SECTION 1. MORTGAGE PERFORMANCE DATA.

    Section 4003(c) of the CARES Act (Public Law 116-136) is amended by 
adding at the end the following:
            ``(4) Mortgage performance data.--
                    ``(A) Monthly report.--
                            ``(i) In general.--A servicer of a 
                        residential mortgage loan receiving a loan, 
                        loan guarantee, or any other investment under 
                        this section shall, beginning in the first 
                        month in which the loan, loan guarantee, or 
                        investment was received, collect and provide 
                        loan-level data to the Bureau of Consumer 
                        Financial Protection on a monthly basis with 
                        respect to all residential mortgage loans 
                        serviced by the servicer.
                            ``(ii) Contents.--Each monthly report 
                        required under this subparagraph shall contain 
                        identifying information and loan performance 
                        data for the most recent month as well as 
                        cumulative data since the servicer began 
                        reporting under this paragraph.
                            ``(iii) Time period for reports.--Reports 
                        under this paragraph shall be provided by a 
                        servicer every month in which a loan, loan 
                        guarantee, or any other investment under this 
                        section has been received and for 2 years 
                        following such receipt.
                    ``(B) Identifying information.--Each monthly report 
                required under subparagraph (A) shall include the 
                following loan-level identifying information:
                            ``(i) Demographic data, for each borrower, 
                        including race, ethnicity, sex, and age.
                            ``(ii) The location of the property, 
                        including by State, Metropolitan Statistical 
                        Area, postal code, census tract, and 
                        Metropolitan District, if applicable.
                            ``(iii) Loan origination information, 
                        including original unpaid principal balance, 
                        original interest rate, first payment date, 
                        original loan term, and lien status (first or 
                        subordinate).
                            ``(iv) Loan type and type of loan 
                        purchaser, as described under section 304 of 
                        the Home Mortgage Disclosure Act of 1975 (12 
                        U.S.C. 2803) and the rules issued to carry out 
                        such section).
                    ``(C) Loan performance data.--Each monthly report 
                required under subparagraph (A) shall include the 
                following loan-level loan performance data:
                            ``(i) Current loan information, including 
                        current actual unpaid principal balance, 
                        current interest rate, current loan delinquency 
                        status (based on the number of days the 
                        borrower is delinquent in payments based on the 
                        due date of the last paid loan payment), loan 
                        performance status (including current, 
                        forbearance, repayment plan, referred to 
                        foreclosure, trial modification, permanent 
                        modification, or foreclosed), and the date of 
                        the event leading to such status.
                            ``(ii) Loss mitigation information, 
                        including--
                                    ``(I) whether the loan is currently 
                                being evaluated for loss mitigation, 
                                and if so, the date upon which the 
                                current loss mitigation process was 
                                initiated and the date of complete 
                                application, if any;
                                    ``(II) the disposition of any 
                                previous loss mitigation evaluation 
                                reported pursuant to subclause (I) and 
                                the date of disposition, including--
                                            ``(aa) denied;
                                            ``(bb) temporary or short-
                                        term agreement, such as a 
                                        repayment agreement or 
                                        forbearance, and the length of 
                                        such agreement (in months);
                                            ``(cc) trial loan 
                                        modification;
                                            ``(dd) permanent loan 
                                        modification; or
                                            ``(ee) other type of loss 
                                        mitigation; and
                                    ``(III) for each permanent 
                                modification--
                                            ``(aa) whether the 
                                        permanent modification included 
                                        one or more of--

                                                    ``(AA) additions of 
                                                delinquent payments and 
                                                fees to loan balances;

                                                    ``(BB) interest 
                                                rate reductions and 
                                                freezes;

                                                    ``(CC) term 
                                                extensions;

                                                    ``(DD) reductions 
                                                of principal; or

                                                    ``(EE) deferrals of 
                                                principal; and

                                            ``(bb) whether the total 
                                        monthly principal and interest 
                                        payment, as a result of the 
                                        permanent modification--

                                                    ``(AA) increased;

                                                    ``(BB) remained the 
                                                same;

                                                    ``(CC) decreased 
                                                less than 10 percent;

                                                    ``(DD) decreased 
                                                between 10 and 20 
                                                percent; or

                                                    ``(EE) decreased 20 
                                                percent or more.

                    ``(D) Forbearance data.--Each monthly report 
                required under subparagraph (A) shall include, with 
                respect to each loan for which a forbearance has been 
                reported under subparagraph (C)(i), forbearance-
                specific data, including--
                            ``(i) the total months of total forbearance 
                        granted to date; and
                            ``(ii) the number of renewals of 
                        forbearance to date.
                    ``(E) Public availability of aggregate data.--
                            ``(i) In general.--Using data submitted by 
                        servicers under this paragraph, the Director of 
                        the Bureau of Consumer Financial Protection 
                        shall make available aggregate data by servicer 
                        for each State, Metropolitan Statistical Area, 
                        and Metropolitan Division, as defined by the 
                        Office of Management and Budget. Such aggregate 
                        data shall be provided monthly by the Director 
                        to Congress and posted on the Bureau of 
                        Consumer Financial Protection's website.
                            ``(ii) Exception for certain personally 
                        identifiable data.--If aggregate data described 
                        under clause (i) is nonetheless reasonably 
                        personally identifiable, the Director may 
                        report the aggregate data by servicer on the 
                        next larger geographic unit (such that, for 
                        example, data would not be reported by 
                        Municipal Division but only by Metropolitan 
                        Statistical Area and State).
                    ``(F) Implementation.--The Director of the Bureau 
                of Consumer Financial Protection shall, within 60 days 
                of the date of enactment of this paragraph, and in 
                consultation with the Director of the Federal Housing 
                Finance Agency and the Comptroller of the Currency, 
                prescribe the format and method of submission of the 
                data required under this paragraph. The Director of the 
                Bureau may prescribe rules for the collection of the 
                data in order to ensure accuracy, transparency, and 
                complete data collection, including the collection and 
                reporting of additional data elements, but may not 
                require reporting of fewer data elements than 
                prescribed by this paragraph nor less frequent 
                reporting than required by this paragraph.
                    ``(G) Definitions.--In this paragraph:
                            ``(i) COVID-19 emergency.--The term `COVID-
                        19 emergency' means the national emergency 
                        concerning the novel coronavirus disease 
                        (COVID-19) outbreak declared by the President 
                        on March 13, 2020, under the National 
                        Emergencies Act (50 U.S.C. 1601 et seq.).
                            ``(ii) Residential mortgage loan.--The term 
                        `residential mortgage loan' has the meaning 
                        given that term under section 103(dd) of the 
                        Truth in Lending Act (15 U.S.C. 1602(dd)).
                            ``(iii) Servicer.--The term `servicer' has 
                        the meaning given in section 6(i) of the Real 
                        Estate Settlement Procedures Act of 1974 (12 
                        U.S.C. 2605(i)).''.
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