12 U.S.C. § 1715z–25: Mortgage modification…

Summary

The Comptroller of the Currency and the Director of the Office of Thrift Supervision must send a joint report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services. The first report is due within 120 days after May 20, 2009 and then every quarter. Each report must include the current data form used to collect loan modification information and state-by-state counts for types of modifications (adding unpaid payments and fees to the balance; cutting or freezing interest rates; extending loan terms; reducing principal; deferring principal; and combinations of these). The reports must also show, by state, how the total monthly principal and interest changed (increased, stayed the same, decreased less than 10%, decreased 10–20%, or decreased 20% or more) and the number of modified loans in each state that later went back into default, broken out by those same payment-change categories. Within 60 days after May 20, 2009, the Comptroller and the Director must issue rules telling covered institutions what modification data to collect and report. They must update those rules within 60 days after the Dodd‑Frank Act was enacted. The Comptroller must send those data-collection rules to the same congressional committees that receive the quarterly reports.

Title 12, §1715z–25

Banks and Banking, Source: USLM XML via OLRC

(a)Reporting requirements

Not later than 120 days after May 20, 2009, and quarterly thereafter, the Comptroller of the Currency and the Director of the Office of Thrift Supervision, shall jointly submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives on the volume of mortgage modifications reported to the Office of the Comptroller of the Currency and the Office of Thrift Supervision, under the mortgage metrics program of each such Office, during the previous quarter, including the following:

(1)A copy of the data collection instrument currently used by the Office of the Comptroller of the Currency and the Office of Thrift Supervision to collect data on loan modifications.

(2)The total number of mortgage modifications in each State that result in each of the following:

(A)Additions of delinquent payments and fees to loan balances.

(B)Interest rate reductions and freezes.

(C)Term extensions.

(D)Reductions of principal.

(E)Deferrals of principal.

(F)Combinations of modifications described in subparagraph (A), (B), (C), (D), or (E).

(3)The total number of mortgage modifications in each State for which the total monthly principal and interest payment resulted in the following:

(A)An increase.

(B)Remained the same.

(C)Decreased less than 10 percent.

(D)Decreased between 10 percent and 20 percent.

(E)Decreased 20 percent or more.

(4)The total number of loans in each State that have been modified and then entered into default, where the loan modification resulted in—

(A)higher monthly payments by the homeowner;

(B)equivalent monthly payments by the homeowner;

(C)lower monthly payments by the homeowner of up to 10 percent;

(D)lower monthly payments by the homeowner of between 10 percent to 20 percent; or

(E)lower monthly payments by the homeowner of more than 20 percent.

(b)Data collection

(1)Required

(A)In general

Not later than 60 days after May 20, 2009, the Comptroller of the Currency and the Director of the Office of Thrift Supervision,1 shall issue mortgage modification data collection and reporting requirements to institutions covered under the reporting requirement of the mortgage metrics program of the Comptroller or the Director. Not later than 60 days after the date of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Comptroller of the Currency and the Director of the Office of Thrift Supervision shall update such requirements to reflect amendments made to this section by such Act.

(B)Inclusiveness of collections

The requirements under subparagraph (A) shall provide for the collection of all mortgage modification data needed by the Comptroller of the Currency and the Director of the Office of Thrift Supervision to fulfill the reporting requirements under subsection (a).

(2)Report

The Comptroller of the Currency shall report all requirements established under paragraph (1) to each committee receiving the report required under subsection (a).

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in subsec. (b)(1)(A), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, which enacted chapter 53 (§ 5301 et seq.) of this title and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see

Short Title

note set out under section 5301 of this title and Tables. Codification Section was enacted as part of the Helping Families Save Their Homes Act of 2009, and not as part of the National Housing Act which comprises this chapter.

Amendments

2010—Subsec. (a)(2). Pub. L. 111–203, § 1493(a)(1), substituted “in each State that result” for “resulting” in introductory provisions. Subsec. (a)(3). Pub. L. 111–203, § 1493(a)(2), inserted “each State for” after “modifications in” in introductory provisions. Subsec. (a)(4). Pub. L. 111–203, § 1493(a)(3), inserted “in each State” after “total number of loans” in introductory provisions. Subsec. (b)(1)(A). Pub. L. 111–203, § 1493(b), inserted at end “Not later than 60 days after the date of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Comptroller of the Currency and the Director of the Office of Thrift Supervision shall update such requirements to reflect

Amendments

made to this section by such Act.”

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the date on which final

Regulations

implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such

Regulations

have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.

§1715z–25 Mortgage Modification Data Collecting and Reporting

Summary

Title 12, §1715z–25

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Amendments

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Regulations

Regulations

Citations & Metadata