[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Page S1492]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2128. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

                        TITLE VI--MISCELLANEOUS

     SEC. 601. PILOT PROGRAM REGARDING LOSS MITIGATION AND 
                   COMMUNICATION.

       (a) Definitions.--In this section:
       (1) Continuity of contact personnel.--The term ``continuity 
     of contact personnel'' means servicer personnel described in 
     section 1024.40(a) of title 12, Code of Federal Regulations.
       (2) Covered borrower.--The term ``covered borrower'' means 
     a borrower of a federally related mortgage loan initiating a 
     loss mitigation application.
       (3) Covered branch.--The term ``covered branch'' means a 
     national bank consumer banking branch affiliated with a 
     federally related mortgage loan servicer.
       (4) Director.--The term ``Director'' means the Director of 
     the Bureau of Consumer Financial Protection.
       (5) Federally related mortgage loan.--The term ``federally 
     related mortgage loan'' has the meaning given the term in 
     section 3 of the Real Estate Settlement Procedures Act of 
     1974 (12 U.S.C. 2602).
       (6) Loss mitigation application.--The term ``loss 
     mitigation application'' has the meaning given the term in 
     section 1024.31 of title 12, Code of Federal Regulations.
       (7) Servicer.--The term ``servicer'' has the meaning given 
     the term in section 1024.2(b) of title 12, Code of Federal 
     Regulations.
       (b) Program Implementation.--Not later than 180 days after 
     the date of enactment of this Act, the Director shall, 
     subject to such conditions and procedures as the Director 
     shall establish, implement a pilot program to determine the 
     feasibility of requiring servicers to use covered branches to 
     provide to any covered borrower the information described in 
     subsection (c).
       (c) Information for Borrowers.--Each borrower described in 
     subsection (b) shall, upon request by the covered borrower at 
     a national bank consumer banking branch affiliated with the 
     covered 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 the continuity of 
     contact personnel of the covered borrower in connection with 
     a loss mitigation application for purposes of the pilot 
     program established under subsection (b); and
       (2) the address of a nearby location, within a reasonable 
     distance of the current residence of the covered borrower, 
     where the covered borrower may copy, fax, scan, transmit by 
     overnight delivery, or mail or email documents to the covered 
     borrower's customer service representative or the continuity 
     of contact personnel of the servicer.
       (d) Other Appropriate Program Procedures.--In implementing 
     a pilot program, the Director shall--
       (1) determine the feasibility of other appropriate 
     procedures, subject to such conditions as the Director shall 
     establish, that facilitate the timely transfer of documents 
     and information from a covered borrower to a servicer 
     necessary to complete a loss mitigation application; and
       (2) ensure that a servicer evaluates the loss mitigation 
     application of a covered borrower within the time period set 
     forth in section 1024.41(c)(1) of title 12, Code of Federal 
     Regulations.
       (e) Duration and Extension.--
       (1) In general.--Except as provided in paragraph (2), the 
     program authorized by this section shall terminate 18 months 
     after the date on which the program is implemented.
       (2) Extension.--The Director may extend the program 
     authorized by this section for an additional 12 months.
       (f) Report to Congress.--Not later than 270 days after the 
     date of enactment of this Act, and on a quarterly basis 
     thereafter until the termination of the pilot program, the 
     Director shall submit to Congress a report on the findings of 
     the Director regarding the pilot program, including a finding 
     of whether the pilot program should be extended.
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