3.0.0 3161 2023-01-11T13:16:12Z 2023-01-11T13:16:12Z Senate S S 2010-03-24 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2010-03-24T19:03:35Z 2010-03-24 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2025-2026) IntroReferral 2010-03-24 Sponsor introductory remarks on measure. (CR S2024-2025) IntroReferral B00100 9 Library of Congress 2010-03-24 Introduced in Senate IntroReferral 10000 9 Library of Congress S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH N Housing and Community Development Administrative remedies Business records Department of the Treasury Government information and archives Housing finance and home ownership Housing and Community Development 00 2010-03-24 Introduced in Senate 2010-05-04T16:07:20Z Mortgage Modification Reform Act of 2010 - Prohibits a residential mortgage servicer from initiating or continuing a foreclosure on a homeowner's mortgage if: (1) the homeowner applied for a loan modification under a home loan modification program either before receiving notice of the foreclosure or within 30 days after receiving it; and (2) the servicer has not yet determined that the homeowner does not qualify under a home loan modification program.

Directs the Secretary of the Treasury to establish a process by which a homeowner may request review of a servicer's denial of an application for either a trial or a permanent loan modification.

Subjects servicers to administrative penalties for wrongful denial of a loan modification application.

Requires servicers to evaluate loan applications in the order received, and to notify the homeowner within three months after the date of application submission.

Requires the Secretary to reduce servicer incentive payments for tardy evaluations by servicers of loan modification applications.

Prohibits servicers from imposing a delinquency fee upon homeowners while the loan modification application is pending.

]]> Mortgage Modification Reform Act of 2010 Display Title Mortgage Modification Reform Act of 2010 Official Title as Introduced A bill to establish penalties for servicers that fail to timely evaluate the applications of homeowners under home loan modification programs. Introduced in Senate IS Short Titles as Introduced Mortgage Modification Reform Act of 2010 Introduced in Senate 2010-03-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3161is/xml/BILLS-111s3161is.xml 2010-03-24 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2025-2026) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.