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

I 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 re- ports on loan-level data, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. MORTGAGE PERFORMANCE DATA. 3 Section 4003(c) of the CARES Act (Public Law 116– 4 136) is amended by adding at the end the following: 5 ‘‘(4) MORTGAGE PERFORMANCE DATA.— 6 ‘‘(A) MONTHLY REPORT.— 7 ‘‘(i) IN GENERAL.—A servicer of a 8 residential mortgage loan receiving a loan, 9 VerDate Sep 11 2014 21:57 Jun 01, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6835.IH H6835 lotter on DSK9F5VC42PROD with BILLS 2 •HR 6835 IH loan guarantee, or any other investment 1 under this section shall, beginning in the 2 first month in which the loan, loan guar- 3 antee, or investment was received, collect 4 and provide loan-level data to the Bureau 5 of Consumer Financial Protection on a 6 monthly basis with respect to all residen- 7 tial mortgage loans serviced by the 8 servicer. 9 ‘‘(ii) CONTENTS.—Each monthly re- 10 port required under this subparagraph 11 shall contain identifying information and 12 loan performance data for the most recent 13 month as well as cumulative data since the 14 servicer began reporting under this para- 15 graph. 16 ‘‘(iii) TIME PERIOD FOR REPORTS.— 17 Reports under this paragraph shall be pro- 18 vided by a servicer every month in which 19 a loan, loan guarantee, or any other invest- 20 ment under this section has been received 21 and for 2 years following such receipt. 22 ‘‘(B) IDENTIFYING INFORMATION.—Each 23 monthly report required under subparagraph 24 VerDate Sep 11 2014 21:57 Jun 01, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6835.IH H6835 lotter on DSK9F5VC42PROD with BILLS 3 •HR 6835 IH (A) shall include the following loan-level identi- 1 fying information: 2 ‘‘(i) Demographic data, for each bor- 3 rower, including race, ethnicity, sex, and 4 age. 5 ‘‘(ii) The location of the property, in- 6 cluding by State, Metropolitan Statistical 7 Area, postal code, census tract, and Metro- 8 politan District, if applicable. 9 ‘‘(iii) Loan origination information, 10 including original unpaid principal balance, 11 original interest rate, first payment date, 12 original loan term, and lien status (first or 13 subordinate). 14 ‘‘(iv) Loan type and type of loan pur- 15 chaser, as described under section 304 of 16 the Home Mortgage Disclosure Act of 17 1975 (12 U.S.C. 2803) and the rules 18 issued to carry out such section). 19 ‘‘(C) LOAN PERFORMANCE DATA.—Each 20 monthly report required under subparagraph 21 (A) shall include the following loan-level loan 22 performance data: 23 ‘‘(i) Current loan information, includ- 24 ing current actual unpaid principal bal- 25 VerDate Sep 11 2014 21:57 Jun 01, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6835.IH H6835 lotter on DSK9F5VC42PROD with BILLS 4 •HR 6835 IH ance, current interest rate, current loan 1 delinquency status (based on the number 2 of days the borrower is delinquent in pay- 3 ments based on the due date of the last 4 paid loan payment), loan performance sta- 5 tus (including current, forbearance, repay- 6 ment plan, referred to foreclosure, trial 7 modification, permanent modification, or 8 foreclosed), and the date of the event lead- 9 ing to such status. 10 ‘‘(ii) Loss mitigation information, in- 11 cluding— 12 ‘‘(I) whether the loan is currently 13 being evaluated for loss mitigation, 14 and if so, the date upon which the 15 current loss mitigation process was 16 initiated and the date of complete ap- 17 plication, if any; 18 ‘‘(II) the disposition of any pre- 19 vious loss mitigation evaluation re- 20 ported pursuant to subclause (I) and 21 the date of disposition, including— 22 ‘‘(aa) denied; 23 ‘‘(bb) temporary or short- 24 term agreement, such as a repay- 25 VerDate Sep 11 2014 21:57 Jun 01, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H6835.IH H6835 lotter on DSK9F5VC42PROD with BILLS 5 •HR 6835 IH ment agreement or forbearance, 1 and the length of such agreement 2 (in months); 3 ‘‘(cc) trial loan modification; 4 ‘‘(dd) permanent loan modi- 5 fication; or 6 ‘‘(ee) other type of loss miti- 7 gation; and 8 ‘‘(III) for each permanent modi- 9 fication— 10 ‘‘(aa) whether the perma- 11 nent modification included one or 12 more of— 13 ‘‘(AA) additions of de- 14 linquent payments and fees 15 to loan balances; 16 ‘‘(BB) interest rate re- 17 ductions and freezes; 18 ‘‘(CC) term extensions; 19 ‘‘(DD) reductions of 20 principal; or 21 ‘‘(EE) deferrals of prin- 22 cipal; and 23 ‘‘(bb) whether the total 24 monthly principal and interest 25 VerDate Sep 11 2014 21:57 Jun 01, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H6835.IH H6835 lotter on DSK9F5VC42PROD with BILLS 6 •HR 6835 IH payment, as a result of the per- 1 manent modification— 2 ‘‘(AA) increased; 3 ‘‘(BB) remained the 4 same; 5 ‘‘(CC) decreased less 6 than 10 percent; 7 ‘‘(DD) decreased be- 8 tween 10 and 20 percent; or 9 ‘‘(EE) decreased 20 10 percent or more. 11 ‘‘(D) FORBEARANCE DATA.—Each monthly 12 report required under subparagraph (A) shall 13 include, with respect to each loan for which a 14 forbearance has been reported under subpara- 15 graph (C)(i), forbearance-specific data, includ- 16 ing— 17 ‘‘(i) the total months of total forbear- 18 ance granted to date; and 19 ‘‘(ii) the number of renewals of for- 20 bearance to date. 21 ‘‘(E) PUBLIC AVAILABILITY OF AGGRE- 22 GATE DATA.— 23 ‘‘(i) IN GENERAL.—Using data sub- 24 mitted by servicers under this paragraph, 25 VerDate Sep 11 2014 21:57 Jun 01, 2020 Jkt 099200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H6835.IH H6835 lotter on DSK9F5VC42PROD with BILLS 7 •HR 6835 IH the Director of the Bureau of Consumer 1 Financial Protection shall make available 2 aggregate data by servicer for each State, 3 Metropolitan Statistical Area, and Metro- 4 politan Division, as defined by the Office 5 of Management and Budget. Such aggre- 6 gate data shall be provided monthly by the 7 Director to Congress and posted on the 8 Bureau of Consumer Financial Protec- 9 tion’s website. 10 ‘‘(ii) EXCEPTION FOR CERTAIN PER- 11 SONALLY IDENTIFIABLE DATA.—If aggre- 12 gate data described under clause (i) is 13 nonetheless reasonably personally identifi- 14 able, the Director may report the aggre- 15 gate data by servicer on the next larger ge- 16 ographic unit (such that, for example, data 17 would not be reported by Municipal Divi- 18 sion but only by Metropolitan Statistical 19 Area and State). 20 ‘‘(F) IMPLEMENTATION.—The Director of 21 the Bureau of Consumer Financial Protection 22 shall, within 60 days of the date of enactment 23 of this paragraph, and in consultation with the 24 Director of the Federal Housing Finance Agen- 25 VerDate Sep 11 2014 21:57 Jun 01, 2020 Jkt 099200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H6835.IH H6835 lotter on DSK9F5VC42PROD with BILLS 8 •HR 6835 IH cy and the Comptroller of the Currency, pre- 1 scribe the format and method of submission of 2 the data required under this paragraph. The 3 Director of the Bureau may prescribe rules for 4 the collection of the data in order to ensure ac- 5 curacy, transparency, and complete data collec- 6 tion, including the collection and reporting of 7 additional data elements, but may not require 8 reporting of fewer data elements than pre- 9 scribed by this paragraph nor less frequent re- 10 porting than required by this paragraph. 11 ‘‘(G) DEFINITIONS.—In this paragraph: 12 ‘‘(i) COVID–19 EMERGENCY.—The 13 term ‘COVID–19 emergency’ means the 14 national emergency concerning the novel 15 coronavirus disease (COVID–19) outbreak 16 declared by the President on March 13, 17 2020, under the National Emergencies Act 18 (50 U.S.C. 1601 et seq.). 19 ‘‘(ii) RESIDENTIAL MORTGAGE 20 LOAN.—The term ‘residential mortgage 21 loan’ has the meaning given that term 22 under section 103(dd) of the Truth in 23 Lending Act (15 U.S.C. 1602(dd)). 24 VerDate Sep 11 2014 21:57 Jun 01, 2020 Jkt 099200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H6835.IH H6835 lotter on DSK9F5VC42PROD with BILLS 9 •HR 6835 IH ‘‘(iii) SERVICER.—The term ‘servicer’ 1 has the meaning given in section 6(i) of 2 the Real Estate Settlement Procedures Act 3 of 1974 (12 U.S.C. 2605(i)).’’. 4 Æ VerDate Sep 11 2014 21:57 Jun 01, 2020 Jkt 099200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6301 E:\BILLS\H6835.IH H6835 lotter on DSK9F5VC42PROD with BILLS