§1715z–25 Mortgage Modification Data Collecting and Reporting

Summary

Within 120 days after May 20, 2009, and every quarter after that, the Comptroller of the Currency and the Director of the Office of Thrift Supervision must send a report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services. The report must include a copy of the form they use to collect mortgage modification data and state-by-state totals for types of modifications (for example, adding past-due payments and fees to the balance; lowering or freezing interest rates; extending loan terms; reducing or deferring principal; or combinations). It must also give state-by-state totals for how monthly principal and interest changed (increase, same, decreased less than 10%, decreased 10–20%, decreased 20% or more). The report must show totals of loans that were modified and later went into default, grouped by whether the modification led to higher, equal, or the same payment-change ranges above. Within 60 days after May 20, 2009, the Comptroller and the Director must issue rules telling banks how to collect and report this mortgage modification data. They must update those rules within 60 days after the Dodd-Frank Act became law. The rules must collect all data needed for the reports, and the Comptroller must send those rules to the same congressional committees that get the quarterly reports.