,i #aac? ,,congress #a/ ,session ,h4 ,r4 #aade ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,m>* #ac1 #bjac ,ms4 ,wat]s 7= h]self & ,mr4 ,capuano7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to help ensure ! fiscal solv5cy ( ! ,,fha mortgage insurance programs ( ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 & = o!r purposes4 #a4 ,%ort title & table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,,fha ,em]g5cy ,fiscal ,solv5cy ,act ( #bjac4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title & table ( cont5ts4 ,sec4 #b4 ,,fha annual mortgage insurance premiums4 ,sec4 #c4 ,indemnification by ,,fha mortgagees4 ,sec4 #d4 ,e>ly p]iod del9qu5cies4 ,sec4 #e4 ,semiannual actu>ial /udies ( ,,mmif dur+ p]iods ( capital depletion4 ,sec4 #f4 ,delegation ( ,,fha insur+ au?ority4 ,sec4 #g4 ,au?ority to t]m9ate ,,fha mortgagee orig9ation & und]writ+ approval4 ,sec4 #h4 ,au?orization to p>ticipate 9 ! orig9ation ( ,,fha-insur$ loans4 ,sec4 #i4 ,report+ ( mortgagee actions tak5 aga9/ o!r mortgagees4 ,sec4 #aj4 ,default & orig9ation in=mation by loan s]vic] & orig9at+ direct endorsem5t l5d]4 ,sec4 #aa4 ,deputy ,assi/ant ,secret>y ( ,,fha = ,risk ,managem5t & ,regulatory ,affairs4 ,sec4 #ab4 ,e/abli%m5t ( ,*ief ,risk ,(fic] = ,,gnma4 ,sec4 #ac4 ,report on mortgage s]vic]s4 ,sec4 #ad4 ,,fha em]g5cy capital plan4 ,sec4 #ae4 ,,fha safety & s\ndness review4 ,sec4 #af4 ,,fha disclosure /&>ds4 ,sec4 #ag4 ,report on /reaml9+ ,,fha programs4 ,sec4 #ah4 ,budget compliance4 #b4 ,,fha annual mortgage insurance premiums 7a7 ,9 g5]al ,subp>agraph 7,b7 ( section #bjc7;c77#b7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agji7;c77#b77;,b77 is am5d$-- 7#a7 9 ! matt] prec$+ clause 7i7-- 7,a7 by /rik+ may & ins]t+ %all2 7,b7 by /rik+ n exce$+ #a4e p]c5t & ins]t+ n less ?an #j4ee p]c5t2 & 7,c7 by ins]t+ & n exce$+ #b4j p]c5t ( su* rema9+ insur$ pr9cipal balance be=e = ! foll[+ p]iods32 & 7#b7 9 clause 7ii71 by /rik+ #a4ee p]c5t & ins]t+ #b4je p]c5t4 7b7 ,effective date ,! am5dm5ts made by subsection 7a7 take effect ^u ! expiration ( ! #f-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act4 #c4 ,indemnification by ,,fha mortgagees ,section #bjb ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7i7 ,indemnification by mortgagees 7#a7 ,9 g5]al ,if ! ,secret>y det]m9es t ! mortgagee knew1 or %\ld h kn[n1 ( a s]i\s or mat]ial violation ( ! requirem5ts e/abli%$ by ! ,secret>y ) respect to a mortgage execut$ by a mortgagee approv$ by ! ,secret>y "u ! direct endorsem5t program or insur$ by a mortgagee pursuant to ! delegation ( au?ority "u section #bef su* t ! mortgage loan %\ld n h be5 approv$ & endors$ = insurance1 & ! ,secret>y pays an insurance claim ) respect to ! mortgage )9 a reasonable p]iod specifi$ by ! ,secret>y1 ! ,secret>y may require ! mortgagee approv$ by ! ,secret>y "u ! direct endorsem5t program or ! mortgagee delegat$ au?ority "u section #bef to indemnify ! ,secret>y = ! loss1 irrespective ( :e!r ! violation caus$ ! mortgage default4 7#b7 ,fraud or misrepres5tation ,if fraud or misrepres5tation 0 involv$ 9 connection ) ! orig9ation or und]writ+ & ! ,secret>y det]m9es t ! mortgagee knew or %\ld h kn[n ( ! fraud or misrepres5tation1 ! ,secret>y %all require ! mortgagee approv$ by ! ,secret>y "u ! direct endorsem5t program or ! mortgagee delegat$ au?ority "u section #bef to indemnify ! ,secret>y = ! loss reg>dless ( :5 an insurance claim is paid4 7#c7 ,appeals process ,! ,secret>y %all1 by regulation1 e/abli% an appeals process = mortgagees to appeal indemnification det]m9ations made pursuant to p>agraph 7#a7 or 7#b74 7#d7 ,requirem5ts & proc$ures ,! ,secret>y %all issue regulations e/abli%+ appropriate requirem5ts & proc$ures gov]n+ ! indemnification ( ! ,secret>y by ! mortgagee1 includ+ public report+ on-- 7,a7 ! numb] ( loans t-- 7i7 7 n orig9at$ or und]writt5 9 accordance ) ! requirem5ts e/abli%$ by ! ,secret>y2 & 7ii7 involv$ fraud or misrepres5tation 9 connection ) ! orig9ation or und]writ+2 & 7,b7 ! f9ancial impact on ! ,mutual ,mortgage ,insurance ,fund :5 indemnification is requir$4 4 #d4 ,e>ly p]iod del9qu5cies ,subsection 7a7 ( section #bjb ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;a77 is am5d$ by add+ at ! end ! foll[+ new p>agraphs3 7#h7 ,programmatic review ( e>ly p]iod del9qu5cies ,! ,secret>y %all e/abli% & ma9ta9 a program-- 7,a7 to review ! cause ( ea* e>ly p]iod del9qu5cy on a mortgage t is an obligation ( ! ,mutual ,mortgage ,insurance ,fund2 7,b7 to require indemnification ( ! ,secret>y = a loss associat$ ) any su* e>ly p]iod del9qu5cy t is ! result ( a mat]ial violation1 z det]m9$ by ! ,secret>y1 ( any provision1 regulation1 or o!r guidel9e e/abli%$ or promulgat$ pursuant to ?is title2 & 7,c7 to publicly report-- 7i7 a summ>y ( ! results ( all e>ly p]iod del9qu5cies review$ "u subp>agraph 7,a72 7ii7 any indemnifications requir$ "u subp>agraph 7,b72 & 7iii7 ! f9ancial impact on ! ,mutual ,mortgage ,insurance ,fund ( any su* indemnifications4 7#i7 ,def9ition ( e>ly p]iod del9qu5cy ,= purposes ( ?is section1 ! t]m e>ly p]iod del9qu5cy means1 ) respect to a mortgage1 t ! mortgage becomes #ij or m days del9qu5t )9 #bd mon?s ( ! orig9ation ( su* mortgage4 4 #e4 ,semiannual actu>ial /udies ( ,,mmif dur+ p]iods ( capital depletion 7a7 ,9 g5]al ,p>agraph 7#d7 ( section #bjb7;a7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;a77#d77 is am5d$-- 7#a7 9 ! fir/ s5t5ce1 by ins]t+ except z provid$ 9 subp>agraph 7,b71 aft] to be conduct$ annually12 7#b7 9 ! second s5t5ce1 by ins]t+ 1 except z provid$ 9 subp>agraph 7,b71 aft] annually2 7#c7 by /rik+ ! p>agraph designation & head+ & all t foll[s ?r\gh ,! ,secret>y %all provide & ins]t+ ! foll[+3 7#d7 ,indep5d5t actu>ial /udy 7,a7 ,annual /udy ,! ,secret>y %all provide 2 & 7#d7 by add+ at ! end ! foll[+ new subp>agraph3 7,b7 ,semiannual /udies dur+ p]iods ( capital depletion ,dur+ any p]iod t ! ,fund fails to ma9ta9 suffici5t capital to comply ) ! capital ratio requirem5t "u section #bje7;f77#b7-- 7i7 ! indep5d5t /udy requir$ by subp>agraph 7,a7 %all be conduct$ semiannually & %all analyze ! f9ancial position ( ! ,fund z ( ,septemb] #cj & ,m>* #ca ( ea* fiscal ye> dur+ su* p]iod2 & 7ii7 ! ,secret>y %all submit a report meet+ ! requirem5ts ( subp>agraph 7,a7 = ea* su* semiannual /udy4 4 7b7 ,analysis ( qu>t]ly actu>ial /udies ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all conduct an analysis ( ! co/ & feasibility ( provid+ = an indep5d5t actu>ial /udy ( ! ,mutual ,mortgage ,insurance ,fund on a cal5d> qu>t]ly basis1 :i* %all comp>e ! co/ & feasibility ( conduct+ su* a /udy on a qu>t]ly basis z comp>$ to a semi-annual basis & %all det]m9e :e!r su* an actu>ial /udy c be conduct$ on a qu>t]ly basis )\t sub/antial additional co/s to ! taxpay]s4 ,n lat] ?an ! expiration ( ! #ij-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y %all submit a report to ! ,congress sett+ =? ! f9d+s & conclusion ( ! analysis conduct$ pursuant to ?is subsection4 #f4 ,delegation ( ,,fha insur+ au?ority ,section #bef ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agaez-#ba7 is am5d$-- 7#a7 by /rik+ subsection 7c72 7#b7 9 subsection 7e71 by /rik+ 1 includ+ & all t foll[s ?r\gh by ! mortgagee2 & 7#c7 by r$esignat+ subsections 7d7 & 7e7 z subsections 7c7 & 7d71 respectively4 #g4 ,au?ority to t]m9ate ,,fha mortgagee orig9ation & und]writ+ approval ,section #ecc ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agce;f-#aa7 is am5d$-- 7#a7 9 ! fir/ s5t5ce ( subsection 7b71 by ins]t+ or areas or on a nationwide basis aft] area ea* place su* t]m appe>s2 & 7#b7 9 subsection 7c71 by /rik+ 7c7 & all t foll[s ?r\gh ,! ,secret>y 9 ! fir/ s5t5ce ( p>agraph 7#b7 & ins]t+ ! foll[+3 7c7 ,t]m9ation ( mortgagee orig9ation & und]writ+ approval 7#a7 ,t]m9ation au?ority ,if ! ,secret>y det]m9es1 "u ! comp>ison provid$ 9 subsection 7b71 t a mortgagee has a rate ( e>ly defaults & claims t is excessive1 ! ,secret>y may t]m9ate ! approval ( ! mortgagee to orig9ate or und]write s+le family mortgages = any area1 or areas1 or on a nationwide basis1 not)/&+ section #bjb7;c7 ( ?is ,act4 7#b7 ,proc$ure ,! ,secret>y 4 #h4 ,au?orization to p>ticipate 9 ! orig9ation ( ,,fha-insur$ loans 7a7 ,s+le family mortgages ,section #bjc7;b7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agji7;b77 is am5d$ by /rik+ p>agraph 7#a7 & ins]t+ ! foll[+ new p>agraph3 7#a7 ,h be5 made to a mortgagee approv$ by ! ,secret>y or to a p]son or entity au?oriz$ by ! ,secret>y "u section #bjb7;d77#a7 to p>ticipate 9 ! orig9ation ( ! mortgage1 & be held by a mortgagee approv$ by ! ,secret>y z responsible & able to s]vice ! mortgage prop]ly4 4 7b7 ,home equity conv]sion mortgages ,section #bee7;d7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agaez-#bj7;d77 is am5d$ by /rik+ p>agraph 7#a7 & ins]t+ ! foll[+ new p>agraph3 7#a7 h be5 orig9at$ by a mortgagee approv$ by1 or by a p]son or entity au?oriz$ "u section #bjb7;d77#a7 to p>ticipate 9 ! orig9ation by1 ! ,secret>y2 4 #i4 ,report+ ( mortgagee actions tak5 aga9/ o!r mortgagees ,section #bjb ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh71 z am5d$ by ! prec$+ provisions ( ?is ,act1 is fur!r am5d$ by add+ at ! end ! foll[+ new subsection3 7j7 ,notification ( mortgagee actions ,! ,secret>y %all require ea* mortgagee1 z a condition = approval by ! ,secret>y to orig9ate or und]write mortgages on s+le family or multifamily h\s+ t are insur$ by ! ,secret>y1 if su* mortgagee engages 9 ! pur*ase ( mortgages insur$ by ! ,secret>y & orig9at$ by o!r mortgagees or 9 ! pur*ase ( ! s]vic+ rights to su* mortgages1 & su* mortgagee at any "t takes action to t]m9ate or discont9ue su* pur*ases f ano!r mortgagee bas$ on any det]m9ation or evid5ce ( fraud or mat]ial misrepres5tation 9 connection ) ! orig9ation ( su* mortgages1 to notify ! ,secret>y ( ! action tak5 & ! reasons = su* action n lat] ?an #ae days aft] tak+ su* action4 4 #aj4 ,default & orig9ation in=mation by loan s]vic] & orig9at+ direct endorsem5t l5d] 7a7 ,collection ( in=mation ,p>agraph 7#b7 ( section #edj7;b7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agab ,u4,s4,c4 #agce;f-#ah7;b77#b77 is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,= ea* entity t s]vices insur$ mortgages1 data on ! numb] ( claims paid to ea* s]vic+ mortgagee dur+ ea* cal5d> qu>t] occurr+ dur+ ! applicable collection p]iod4 4 7b7 ,applicability ,in=mation describ$ 9 subp>agraph 7,c7 ( section #edj7;b77#b7 ( ! ,national ,h\s+ ,act1 z add$ by subsection 7a7 ( ?is section1 %all fir/ be made available "u su* section #edj = ! applicable collection p]iod 7z su* t]m is def9$ 9 su* section7 relat+ to ! fir/ cal5d> qu>t] end+ aft] ! expiration ( ! #ab-mon? p]iod t beg9s on ! date ( ! enactm5t ( ?is ,act4 #aa4 ,deputy ,assi/ant ,secret>y ( ,,fha = ,risk ,managem5t & ,regulatory ,affairs 7a7 ,e/abli%m5t ( position ,subsection 7b7 ( section #d ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t ,act 7#db ,u4,s4,c4 #cecc7;b77 is am5d$-- 7#a7 by ins]t+ 7#a7 aft] 7b72 & 7#b7 by add+ at ! end ! foll[+ new p>agraph3 7#b7 ,!re %all be 9 ! ,dep>tm5t1 )9 ! ,f$]al ,h\s+ ,adm9i/ration1 a ,deputy ,assi/ant ,secret>y = ,risk ,managem5t & ,regulatory ,affairs1 :o %all be appo9t$ by ! ,secret>y & %all be responsible to ! ,f$]al ,h\s+ ,commission] = all matt]s relat+ to manag+ & mitigat+ risk to ! mortgage insurance funds ( ! ,dep>tm5t & ensur+ ! p]=mance ( mortgages insur$ by ! ,dep>tm5t4 4 7b7 ,t]m9ation ,^u ! appo9tm5t ( ! initial ,deputy ,assi/ant ,secret>y = ,risk ,managem5t & ,regulatory ,affairs pursuant to section #d7;b77#b7 ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t ,act1 z am5d$ by subsection 7a7 ( ?is section1 ! position ( *ief risk (fic] )9 ! ,f$]al ,h\s+ ,adm9i/ration1 fill$ by appo9tm5t by ! ,f$]al ,h\s+ ,commission]1 is aboli%$4 #ab4 ,e/abli%m5t ( ,*ief ,risk ,(fic] = ,,gnma ,section #d ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t ,act 7#db ,u4,s4,c4 #cecc7 is am5d$ by add+ aft] subsection 7g71 z add$ by section #addb ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7,public ,law #aaa-bjc2 #abd ,/at4 #bafc71 ! foll[+ new subsection3 7h7 ,!re %all be 9 ! ,dep>tm5t a ,*ief ,risk ,(fic] = ! ,gov]nm5t ,national ,mortgage ,association1 :o %all-- 7#a7 be designat$ by ! ,secret>y2 7#b7 be responsible to ! ,presid5t ( ! ,association = all matt]s relat$ to evaluat+1 manag+1 & mitigat+ risk to ! programs ( ! ,association2 7#c7 be 9 ! competitive s]vice or ! s5ior executive s]vice2 7#d7 be a c>e] appo9tee2 7#e7 be designat$ f among individuals :o possess demon/rat$ ability 9 g5]al managem5t (1 & k ( & ext5sive practical exp]i5ce 9 risk evaluation practices 9 l>ge gov]nm5tal or bus9ess entities2 & 7#f7 %all n be requir$ to obta9 ! prior approval1 comm5t1 or review ( any (fic] or ag5cy ( ! ,unit$ ,/ates be=e submitt+ to ! ,congress1 or any committee or subcommittee !re(1 any reports1 recomm5dations1 te/imony1 or comm5ts if su* submission include a /atem5t indicat+ t ! views express$ !re9 are ^? ( ! ,*ief ,risk ,(fic] ( ! ,association & d n necess>ily repres5t ! views ( ! ,secret>y4 4 #ac4 ,report on mortgage s]vic]s 7a7 ,exam9ation ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all conduct an exam9ation into mortgage s]vic] compliance ) ! loan s]vic+1 loss mitigation1 & insurance claim submission guidel9es ( ! ,,fha mortgage insurance programs "u ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agja et seq471 & an e/imate ( ! annual co/s to ! ,mutual ,mortgage ,insurance ,fund1 s9ce #bjjh1 result+ f any failures by mortgage s]vic]s to comply ) su* guidel9es4 7b7 ,report ,n lat] ?an ! expiration ( ! #abj-;day p]iod t beg9s ^u ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y %all submit a report to ! ,congress on ! results ( ! exam9ation conduct$ pursuant to subsection 7a71 includ+ recomm5dations = any adm9i/rative & legislative actions to improve mortgage s]vic] compliance ) ! guidel9es ref]r$ to 9 subsection 7a74 #ad4 ,,fha em]g5cy capital plan 7a7 ,e/abli%m5t ,n lat] ?an ! expiration ( ! #cj-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all develop1 submit to ! ,congress1 & comm5ce implem5tation ( an em]g5cy capital plan = ! re/oration ( ! fiscal solv5cy ( ! ,mutual ,mortgage ,insurance ,fund 79 ?is section ref]r$ to z ! ,fund74 7b7 ,cont5ts ,! em]g5cy capital plan develop$ pursuant to ?is section %all-- 7#a7 provide a detail$ explanation ( ! processes & controls by :i* am\nts ( capital t are assets ( ! ,fund are monitor$ & track$2 7#b7 e/abli% a plan to ensure ! f9ancial safety & s\ndness ( ! ,fund t avoids ! ne$ = borr[+ am\nts f ! ,treasury ( ! ,unit$ ,/ates to meet obligations ( ! ,fund2 & 7#c7 describe ! proc$ure by :i*1 if necess>y1 any am\nts f ! ,treasury ne$$ to meet obligations ( ! ,fund w be obta9$ f ! ,treasury4 7c7 ,mon?ly reports 7#a7 ,reports ,subject to p>agraph 7#c71 ^u ! conclusion ( ea* cal5d> mon? end+ aft] ! #ad-;day p]iod t beg9s on ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all submit to ! ,congress a report assess+ ! f9ancial /atus ( ! ,fund at ! conclusion ( su* mon? & sett+ =? ! in=mation describ$ 9 p>agraph 7#b74 7#b7 ,cont5ts ,ea* report requir$ "u p>agraph 7#a7 = a mon? %all conta9 ! foll[+ in=mation reg>d+ ! ,fund z ( ! conclusion ( su* mon?3 7,a7 ,! numb] ( mortgages t are obligations ( ! ,fund t are #fj or m days del9qu5t1 ! expect$ losses to ! ,fund associat$ ) su* del9qu5t mortgages1 & ! me?odology us$ to make su* calculation4 7,b7 ,! numb] ( mortgages t are obligations ( ! ,fund t h a loan-to-value ratio at ! "t ( orig9ation t is less ?an #hj p]c5t & ! p]c5tage ( all mortgages t are obligations ( ! ,fund hav+ su* a ratio4 7,c7 ,! numb] ( mortgages t are obligations ( ! ,fund t _h an orig9al pr9cipal obligation exce$+ #abe p]c5t ( ! m$ian h\se price1 = a home ( ! size ( ! resid5ce subject to ! mortgage1 = ! area 9 :i* su* resid5ce is locat$1 & ! p]c5tage ( all mortgages t are obligations ( ! ,fund hav+ su* an orig9al pr9cipal obligation4 7,d7 ,! numb] ( mortgages t are obligations ( ! ,fund = :i* ! mortgagor's income at ! "t ( orig9ation ( ! mortgage is great] ?an ! m$ian income = ! area 9 :i* ! resid5ce subject to ! mortgage is locat$1 & ! p]c5tage ( all mortgages t are obligations ( ! ,fund = :i* ! mortgagor has su* an income4 7,e7 ,! balances = ! f9anc+ & capital res]ve acc\nts ( ! ,fund4 7,f7 ,any actions tak5 dur+ su* mon? to help ensure ! f9ancial s\ndness ( ! ,fund & compliance ) section #bje7;f7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agaa7;f72 relat+ to a capital ratio requirem5t74 7#c7 ,t]m9ation ( report+ requirem5t ,! requirem5t to submit reports "u p>agraph 7#a7 %all t]m9ate on ! fir/ date aft] ! date ( ! enactm5t ( ?is ,act t ! ,fund atta9s a capital ratio 7z su* t]m is def9$ 9 section #bje7;f77#c7 ( ! ,national ,h\s+ ,act7 ( #b4j p]c5t4 #ae4 ,,fha safety & s\ndness review 7a7 ,review ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all provide = an indep5d5t ?ird p>ty to-- 7#a7 conduct a "o-"t review ( ! mortgage insurance programs & funds ( ! ,secret>y ( ,h\s+ & ,urban ,developm5t t %all det]m9e1 z ( ! "t ( su* review-- 7,a7 ! f9ancial safety & s\ndness ( su* programs & funds2 & 7,b7 ! ext5t ( loan loss res]ves & capital adequacy ( su* programs & funds2 & 7#b7 to submit a report "u subsection 7b74 ,su* review %all be conduct$ 9 accordance ) g5]ally accept$ acc\nt+ pr9ciples applicable to ! private sector & ,f$]al entities4 7b7 ,report ,! report "u ?is subsection %all describe ! me?odology & /&>ds us$ to conduct ! review "u subsection 7a77#a71 set =? ! results & f9d+s ( ! review1 includ+ ! ext5t ( loan loss res]ves & capital adequacy ( ! mortgage insurance programs & funds ( ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 & include recomm5dations reg>d+ re/or+ su* res]ves & capital to ma9ta9 su* programs & funds 9 a safe & s\nd condition4 7c7 ,tim+ ,! review requir$ "u subsection 7a7 %all be complet$1 & ! report requir$ "u subsection 7b7 %all be submitt$1 n lat] ?an ! expiration ( ! #fj-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act4 7d7 ,rule ( con/ruction ,no?+ 9 ?is section may be con/ru$ to alt] or affect1 or exempt ! ,secret>y ( ,h\s+ & ,urban ,developm5t f comply+ )1 any laws1 regulations1 or guidance relat+ to prep>ation or submission ( budgets or audits or f9ancial or managem5t /atem5ts or reports4 #af4 ,,fha disclosure /&>ds ,n lat] ?an ! expiration ( ! #ij-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all review & revise all /&>ds & requirem5ts relat+ to disclosure ( in=mation reg>d+ ! mortgage insurance programs & funds1 includ+ actu>ial /udies conduct$ "u section #bjb7;a77#d7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;a77#d771 qu>t]ly reports "u section #bjb7;a77#e7 ( su* ,act1 & annual audit$ f9ancial /atem5ts "u section #ech ( su* ,act 7#ab ,u4,s4,c4 #agce;f-#af71 to ensure t1 aft] ! date ( ! enactm5t ( ?is ,act1 su* disclosures-- 7#a7 provide mean+ful f9ancial & o!r in=mation t is timely1 compreh5sive1 & accurate2 7#b7 d n conta9 any mat]ial mis/atem5ts or misrepres5tations2 7#c7 make available all relevant in=mation2 & 7#d7 prohibit mat]ial omissions t make ! cont5ts ( ! disclosure mislead+4 #ag4 ,report on /reaml9+ ,,fha programs 7a7 ,exam9ation ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all conduct an exam9ation ( ! mortgage insurance & any o!r programs ( ! ,f$]al ,h\s+ ,adm9i/ration to id5tify-- 7#a7 ! level ( use & ne$ = su* programs2 7#b7 any su* programs t are unus$ or und]us$2 & 7#c7 me?ods = /reaml9+1 consolidat+1 simplify+1 increas+ ! effici5cy (1 & r$uc+ ! numb] ( su* programs4 7b7 ,report ,n lat] ?an ! expiration ( ! #ab-mon? p]iod t beg9s ^u ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y %all submit a report to ! ,congress on ! results ( ! exam9ation conduct$ pursuant to subsection 7a71 includ+ recomm5dations = any adm9i/rative & legislative actions to /reaml9e1 consolidate1 simplify1 increase ! effici5cy (1 & r$uce ! numb] ( su* programs4 #ah4 ,budget compliance ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all allocate #b1ejj1jjj f ! acc\nt = ,adm9i/rative ,contract ,exp5ses ea* fiscal ye> ?r\gh ,septemb] #cj1 #bjag1 :i* am\nts %all be available only = ! purposes ( ?is ,act & ! am5dm5ts made by ?is ,act1 includ+ su* additional actu>ial reviews z may be requir$ by section #e ( ?is ,act & ! am5dm5ts made by su* section4