[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3195 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 3195
To create a National Home Mortgage and Loan Performance Registry to
maintain an inventory of the supply and performance of home mortgage
loans in the United States to show market trends and dynamics in the
mortgage lending industry and provide detailed information on national
mortgage foreclosure rates.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 14, 2009
Mr. Turner (for himself and Mr. Miller of North Carolina) introduced
the following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To create a National Home Mortgage and Loan Performance Registry to
maintain an inventory of the supply and performance of home mortgage
loans in the United States to show market trends and dynamics in the
mortgage lending industry and provide detailed information on national
mortgage foreclosure rates.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``National Home Mortgage and Loan
Performance Registry Act of 2009''.
SEC. 2. FINDINGS AND PURPOSES.
(a) Findings.--The Congress finds that--
(1) there is no standardized, centralized data readily
available and reliable for government use that details national
mortgage foreclosure rates for single-family housing,
multifamily housing, and small farms, or mortgage default
statistics;
(2) currently there is no public database that is easily
accessible to determine mortgage lending and foreclosure
trends;
(3) the Home Mortgage Disclosure Act of 1975 could be used
as a means of collecting data at loan origination and using
such information throughout the life of the loan; and
(4) the current mortgage crisis demonstrates the need to
establish a centralized system to collect and disclose such
information.
(b) Purpose.--The purpose of this Act is to establish a National
Home Mortgage and Loan Performance Registry--
(1) to provide the public with timely mortgage performance
information that can be used by the Departments of the Treasury
and Housing and Urban Development, and other agencies of the
Federal Government to monitor trends in the mortgage market,
identify emerging problems, make decisions about necessary
interventions, conduct research, and effectively evaluate the
housing market in the United States and Federal housing
programs; and
(2) that meets the reporting needs and requirements of the
Federal Housing Finance Agency to provide timely mortgage
performance information.
SEC. 3. ADDITIONAL INFORMATION REPORTED BY LENDER AT LOAN ORIGINATION.
Section 304(b) of the Home Mortgage Disclosure Act of 1975 (12
U.S.C. 2803(b)) is amended--
(1) in paragraph (3), by striking ``and'' at the end;
(2) in paragraph (4), by striking the period at the end and
inserting ``; and''; and
(3) by adding at the end the following:
``(5) a unique identification number for each mortgage
loan, which shall be a part of the permanent record for such
loan that is transmitted to any subsequent servicers of the
loan;
``(6) for each mortgage loan, the appraised value of the
residence for which the loan was made as of the time of the
origination of the loan;
``(7) for each mortgage loan, a classification of the
structure of the loan, by loan terms, including interest rate
and repayment terms, such as 30-year fixed, balloon payment, 5-
year adjustable rate, and such other categories as the Board
may establish; and
``(8) for each mortgage loan, the lowest interest rate for
which the borrower qualified without payment of discount points
(commonly referred to as the par rate) to permit identification
of mortgagors eligible for prime loans who were provided
subprime loans.''.
SEC. 4. REPORTING OF INFORMATION BY SERVICERS.
Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C.
2803) is amended by adding at the end the following new subsection:
``(n) Loan Servicer Information.--
``(1) In general.--The Board shall, in conjunction with the
Secretary of Housing and Urban Development, require other
lending institutions, including servicers of mortgage loans, to
submit to the appropriate agency, as identified under
subsection (h), the information required under paragraph (2) if
any of the events referred to in paragraph (3) occurs during
the term of the loan.
``(2) Required information.--The information required under
this paragraph with respect to a mortgage loan is--
``(A) the year that the loan was originated;
``(B) the unique identifier number established for
the loan (pursuant to subsection (b)(5));
``(C) the type of event referred to in paragraph
(3) that occurred with respect to the loan; and
``(D) in the case of any loan for which an event
referred to in paragraph (3)(D) occurs--
``(i) whether such event resulted in a new
disclosure under subsections (a) and (b) for a
new loan;
``(ii) a description of the loan
modifications made, including any extension of
amortization period, whether permanent or
temporary, change in interest rate, write-down
or recapitalization of any one or more of fees,
delinquent interest, or principal obligation.
``(3) Loan events.--The events referred to in this
paragraph are the following events:
``(A) The borrower under the loan becomes 90 days
or more delinquent in payments due under the loan.
``(B) Foreclosure (including any judicial or
nonjudicial foreclosure) is commenced with respect to
the loan.
``(C) In the case of any loan that was in default
or in foreclosure, the borrower under the loan becomes
current with respect to obligations under the loan.
``(D) Any modification is made with respect to the
terms of the loan.
``(E) Foreclosure is completed with respect to the
loan.
``(4) Data collected by private sector.--The Board, in
conjunction with the Secretary of Housing and Urban
Development, shall collect any other information regarding
mortgage loans, including information collected or held by
servicers of mortgage loans, that the Board considers necessary
to accomplish the purposes of this Act and the National Home
Mortgage and Loan Performance Registry Act of 2009 and to
provide a more comprehensive public home mortgage information
system.
``(5) Definition.--For purposes of this paragraph, the term
`servicer' means, with respect to a mortgage loan, the person
responsible for receiving scheduled periodic payments by the
borrower under the loan, including any payments for insurance,
taxes, and any other amounts escrowed under the loan, and
making payments of principal and interest and such other
payments with respect to such amounts received from the
borrower as may be required under the terms of the loan.''.
SEC. 5. NATIONAL HOME MORTGAGE AND LOAN PERFORMANCE REGISTRY.
The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et seq.)
is amended by adding at the end the following new section:
``SEC. 312. NATIONAL HOME MORTGAGE AND LOAN PERFORMANCE REGISTRY.
``(a) Establishment.--The Board shall establish a National Home
Mortgage and Loan Performance Registry (in this section referred to as
the `Registry') to compile and make available information collected
under this Act regarding the making of mortgage loans and the
performance of such loans, including information regarding default and
foreclosure occurrences and rates, for mortgage loans for single-family
housing, multifamily housing, and small farms.
``(b) Quarterly Reports.--
``(1) In general.--Using information collected in the
Registry, the Board shall submit a report for each calendar
quarter as promptly as possible after the conclusion of such
quarter to the Congress, the Secretary of the Treasury, and the
Secretary of Housing and Urban Development regarding the
performance of mortgage loans outstanding during such quarter
in the United States.
``(2) Information.--Each report under this subsection for a
calendar quarter shall provide aggregate data regarding
mortgage loans originated during the quarter, mortgage loan
defaults and default rates during the quarter, and mortgage
loan foreclosures and foreclosure rates during the quarter and
such other data as the Board considers appropriate to assist
the housing industry, the Federal Government, and State and
local governments to make effective decisions regarding the
provision of housing and Federal housing assistance. Such data
shall be provided for mortgage loans for each census tract, zip
code, county, metropolitan area, and State, based on the
location of the property securing the loan.
``(3) Review and certification.--The Board shall review and
certify the accuracy of the data included in each quarterly
report under this subsection before submitting such report in
accordance with paragraph (1).
``(4) Public availability.--The Board shall make each
report under this subsection publicly available upon submission
in accordance with paragraph (1).''.
SEC. 6. REPORT TO CONGRESS ON IMPROVING REGISTRY.
Not later than the expiration of the 18-month period beginning on
the date of the enactment of this Act, the Board of Governors of the
Federal Reserve System, the Secretary of the Treasury, and Secretary of
Housing and Urban Development shall jointly submit a report to the
Congress setting forth any additional actions or authority necessary to
provide for the National Home Mortgage and Loan Performance Registry
(as established under the amendment made by section 5 of this Act) to--
(1) more accurately determine and report foreclosure rates
for residential mortgages, including mortgage statistics, for
single-family and multifamily housing and small farms in the
United States; and
(2) obtain information sufficient to allow--
(A) more effective use of the Registry to evaluate
existing Federal housing programs; and
(B) more effective use of the Registry to evaluate
mortgage lending practices; and
(3) to improve the function and purpose of the Registry.
SEC. 7. REGULATIONS.
Not later than the expiration of the 18-month period beginning on
the date of the enactment of this Act, the Board of Governors of the
Federal Reserve System shall commence a rulemaking proceeding to issue
any regulations necessary to amend, modify, and update the regulations
of the Board regarding home mortgage disclosure (12 C.F.R. part 203;
known as regulation C) in accordance with this Act and the amendments
made by this Act.
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