[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3589 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3589

To require the Comptroller of the Currency to establish a pilot program 
      to facilitate communication between borrowers and servicers.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 20, 2012

   Mr. Reed introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To require the Comptroller of the Currency to establish a pilot program 
      to facilitate communication between borrowers and servicers.

    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 ``Mortgage Modification Outreach 
Act''.

SEC. 2. PILOT PROGRAM REGARDING LOAN MODIFICATION AND COMMUNICATION.

    (a) Program Implementation.--Not later than 180 days after the date 
of enactment of this Act, the Comptroller shall, subject to such 
conditions and procedures as the Comptroller shall establish, implement 
a pilot program to determine the feasibility of requiring residential 
mortgage loan servicers to use their affiliated national bank consumer 
banking branches to provide to any of the servicer's residential 
mortgage borrowers applying for a loan modification the information 
described in subsection (b).
    (b) Information for Borrowers.--Each borrower described in 
subsection (a) shall, upon request by the borrower at a national bank 
consumer banking branch affiliated with the borrower's servicer, 
receive, within a commercially reasonable period of time but no later 
than 3 business days after the date of the request, at such branch--
            (1) all relevant contact information for their single point 
        of contact in connection with a loan modification application 
        for purposes of the pilot program under subsection (a); and
            (2) the address of a nearby location, within a reasonable 
        distance of the borrower's current address, where the borrower 
        may copy, fax, scan, transmit by overnight delivery, or mail or 
        email documents to the borrower's customer service 
        representative or the borrower's single point of contact at the 
        servicer.
    (c) Duration and Extension.--
            (1) In general.--Subject to paragraph (2), the program 
        authorized by this Act shall terminate 18 months after the date 
        on which the program is implemented.
            (2) Extension.--The Comptroller may extend the program 
        authorized by this Act for an additional 12 months.

SEC. 3. REPORT TO CONGRESS.

    Not later than 270 days after the date of enactment of this Act, 
and thereafter on a quarterly basis until the termination of the pilot 
program, the Comptroller shall submit a report to Congress on the 
findings of the Comptroller regarding the pilot program which shall 
include a finding of whether the pilot program should be extended 
beyond a pilot.

SEC. 4. DEFINITIONS.

    In this Act--
            (1) the term ``Comptroller'' means the Comptroller of the 
        Currency; and
            (2) the term ``single point of contact'' means an employee 
        of the servicer who--
                    (A) is easily and reliably accessible to the 
                borrower subject to reasonable employee safety 
                protocols;
                    (B) shall be knowledgeable about the current 
                situation and status of the borrower; and
                    (C) shall provide information to the borrower 
                throughout the loss mitigation, loan modification, or 
                foreclosure process, as applicable.
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