,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #beab  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #bf1 #bjac ,ms4 
,de,lauro introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to am5d ! ,tru? 9 
,l5d+ ,act to e/abli% cle> regulatory   
/&>ds = mortgage s]vic]s1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,regulation ( ,mortgage    
,s]vic+ ,act ( #bjac4  #b4 ,/&>ds =     
mortgage s]vic]s  7a7 ,9 g5]al ,*apt] #b
 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4  
#afca et seq47 is am5d$ by ins]t+ aft]  
section #abi;,h ! foll[+ new section3   
#abi;,i4 ,/&>ds = s]vic]s ( resid5tial  
mortgages  7a7 ,def9itions ,9 ?is       
section1 ! foll[+ def9itions %all apply3
  7#a7 ,alt]native to =eclosure ,! t]m  
alt]native to =eclosure--  7,a7 means a 
c\rse ( action ) respect to a mortgage  
(f]$ by a s]vic] to a borr[] z an       
alt]native to a cov]$ =eclosure action2 
&  7,b7 includes a %ort sale & a de$ 9  
lieu ( =eclosure4  7#b7 ,borr[] ,! t]m  

borr[] means a mortgagor "u a mortgage  
:o is 9 default or at risk ( imm95t     
default1 z det]m9$ by ! ,director1 by   
rule4  7#c7 ,cov]$ =eclosure action ,!  
t]m cov]$ =eclosure action means a      
judicial or nonjudicial =eclosure4  7#d7
 ,indep5d5t review] ,! t]m indep5d5t    
review]--  7,a7 means an entity t has ! 
exp]tise & capacity to det]m9e :e!r a   
borr[] is eligible to p>ticipate 9 a    
loan modification program2 &  7,b7      
includes--  7i7 an entity t is n a      
s]vic]2 or  7ii7 a division )9 a s]vic] 
t is indep5d5t (1 & n "u ! same imm$iate
 sup]vision z1 any division t makes     
det]m9ations ) respect to applications =
 loan modifications or alt]natives to   
=eclosure4  7#e7 ,loan modification     
program ,! t]m loan modification        
program--  7,a7 means a program or      
proc$ure design$ to *ange ! t]ms ( a    
mortgage 9 ! case ( ! default1          
del9qu5cy1 or imm95t default or         
del9qu5cy ( a mortgagor2 &  7,b7        
includes--  7i7 a loan modification     

program e/abli%$ by ! ,f$]al ,gov]nm5t1 
includ+ ! ,home ,af=dable ,modification 
,program ( ! ,dep>tm5t ( ! ,treasury2 & 
7ii7 a loan modification program        
e/abli%$ by a s]vic]4  7#f7 ,mortgage ,!
 t]m mortgage means a f$]ally relat$    
mortgage loan1 z def9$ 9 section #c ( ! 
,real ,e/ate ,settlem5t ,proc$ures ,act 
( #aigd 7#ab ,u4,s4,c4 #bfjb7c771 t is  
secur$ by a fir/ or subord9ate li5 on   
resid5tial real prop]ty t is ! prim>y   
resid5ce ( ! borr[]4  7#g7 ,s]vic] ,!   
t]m s]vic]--  7,a7 has ! same mean+ z 9 
section #f7;i7 ( ! ,real ,e/ate         
,settlem5t ,proc$ures ,act ( #aigd 7#ab 
,u4,s4,c4 #bfje7;i772 &  7,b7 includes a
 p]son responsible = s]vic+ a pool (    
mortgages4  7b7 ,s+le po9t ( contact    
7#a7 ,case ,manag] ,requir$ ,a s]vic]   
%all assign #a case manag] to ea* borr[]
 t seeks a loan modification or an      
alt]native to =eclosure4  7#b7 ,duties (
 ,case ,manag] ,! case manag] assign$ "u
 p>agraph 7#a7 %all be an individual    
:o--  7,a7 manages ! communications     

betwe5 ! s]vic] & ! borr[]2  7,b7 has ! 
au?ority to make decisions ab\t !       
eligibility ( ! borr[] = a loan         
modification or an alt]native to        
=eclosure2  7,c7 is available to        
communicate ) ! borr[] by telephone &   
email dur+ bus9ess h\rs2 &  7,d7 rema9s 
assign$ to ! borr[] until ! e>lie/ (--  
7i7 ! date on :i* ! borr[] accepts a    
loan modification or an alt]native to   
=eclosure2  7ii7 ! date on :i* ! s]vic] 
=ecloses on ! mortgage ( ! borr[]2 or   
7iii7 ! date on :i* a release ( !       
mortgage ( ! borr[] is record$ 9 !      
appropriate l& records (fice1 z det]m9$ 
by ! ,director1 by rule4  7#c7          
,assi/ance = ,case ,manag]s ,a s]vic]   
may assign an employee to assi/ a case  
manag] assign$ "u p>agraph 7#a71 if !   
case manag] rema9s available to         
communicate ) ! borr[] by telephone &   
email4  7c7 ,det]m9ation ( eligibility =
 loan modification program or alt]native
 to =eclosure requir$ be=e =eclosure    
7#a7 ,initiation ( ,cov]$ ,=eclosure    

,actions ,a s]vic] may n initiate a     
cov]$ =eclosure action aga9/ a borr[]   
unless ! s]vic] has--  7,a7 complet$ a  
full review ( ! file ( ! borr[] to      
det]m9e :e!r ! borr[] is eligible = a   
loan modification or an alt]native to   
=eclosure2  7,b7 made a reasonable ef=t 
to obta9 ! in=mation necess>y to det]m9e
 :e!r ! borr[] is eligible = a loan     
modification or an alt]native to        
=eclosure1 z describ$ 9 p>agraph 7#c72 &
  7,c7 (f]$ ! borr[] a loan modification
 or an alt]native to =eclosure1 if !    
borr[] is eligible = ! loan modification
 or alt]native to =eclosure4  7#b7      
,susp5sion ( ,cov]$ ,=eclosure ,actions 
7,a7 ,9 g5]al ,a s]vic] %all susp5d a   
cov]$ =eclosure action t 0 initiat$ be=e
 ! date ( enactm5t ( ?is section until !
 s]vic]--  7i7 completes a full review (
 ! file ( ! borr[] to det]m9e :e!r !    
borr[] is eligible = a loan modification
 or an alt]native to =eclosure2  7ii7   
notifies ! borr[] ( ! det]m9ation "u    
clause 7i72 &  7iii7 (f]s ! borr[] a    

loan modification or an alt]native to   
=eclosure1 if ! borr[] is eligible = a  
loan modification or an alt]native to   
=eclosure4  7,b7 ,susp5sion ,dur+ !     
p]iod ( ! susp5sion "u subp>agraph 7,a71
 a s]vic] may n--  7i7 s5d a notice (   
=eclosure to a borr[]2  7ii7 conduct or 
s*$ule a sale ( ! resid5tial real       
prop]ty secur+ ! mortgage ( ! borr[]2 or
  7iii7 cause f9al judgm5t to be ent]$  
aga9/ ! borr[]4  7,c7 ,reasonable ef=ts 
,a s]vic] is n requir$ to susp5d a cov]$
 =eclosure action "u subp>agraph 7,a7 if
 ! s]vic]--  7i7 makes a reasonable ef=t
 to obta9 in=mation necess>y to det]m9e 
:e!r ! borr[] is eligible = a loan      
modification or an alt]native to        
=eclosure1 z describ$ 9 p>agraph 7#c72 &
  7ii7 docum5ts t ! s]vic] has n receiv$
 in=mation necess>y to det]m9e :e!r !   
borr[] is eligible = a loan modification
 or an alt]native to =eclosure be=e !   
end ( ! applicable p]iod "u p>agraph    
7#c74  7,d7 ,rule ( con/ruction ,no?+ 9 
?is section may be con/ru$ to require a 

s]vic] to delay an unavoidable          
=eclosure1 su* z =eclosure t results f a
 borr[] ab&on+ ! resid5tial real prop]ty
 secur+ ! mortgage ( su* borr[]4  7#c7  
,reasonable ef=t to obta9 necess>y      
in=mation ,a s]vic] %all be deem$ to h  
made a reasonable ef=t to obta9         
in=mation necess>y to det]m9e :e!r !    
borr[] is eligible = a loan modification
 or an alt]native to =eclosure if su*   
s]vic] takes ! foll[+ /eps3  7,a7       
#cj-;day p]iod aft] del9qu5cy  7i7 ,9   
g5]al ,dur+ ! #cj-;day p]iod beg9n+ on !
 date ( del9qu5cy ( ! borr[]1 ! s]vic]  
%all attempt to e/abli% contact ) !     
borr[] by--  7,i7 mak+ n few] ?an #d    
telephone calls to ! telephone numb] on 
record = ! borr[]1 at diff]5t times ( ! 
day2 &  7,,ii7 s5d+ n few] ?an #b writt5
 notices to ! borr[] at ! address on    
record = ! borr[]1 at lea/ #a ( :i* %all
 be deliv]$ by c]tifi$ mail1 reque/+ t !
 borr[] contact ! s]vic]4  7ii7 ,contact
 n e/abli%$ ,9 ! case t a s]vic] is n   
able to e/abli% contact ) ! borr[] by   

telephone "u subclause 7,i7 ( clause 7i7
 or su* borr[] does n respond to !      
notices s5t "u subclause 7,,ii7 ( su*   
clause1 su* s]vic] %all1 foll[+ a ?ird  
p>ty review "u subsection 7d71 notify ! 
borr[] t ! s]vic] int5ds to initiate or 
cont9ue a cov]$ =eclosure action4  7,b7 
,contact e/abli%$ ) borr[] ,9 ! case t a
 s]vic] is able to e/abli% contact ) !  
borr[] "u subp>agraph 7,a77i71 ! s]vic] 
%all--  7i7 notify ! borr[]1 9 writ+1 t 
! s]vic] lacks in=mation necess>y to    
det]m9e :e!r ! borr[] is eligible = a   
loan modification or an alt]native to   
=eclosure2 &  7ii7 s5d ! borr[] a writt5
 reque/ t ! borr[] transmit to ! s]vic]1
 n lat] ?an #cj days aft] ! date on :i* 
su* reque/ s5t by ! s]vic] is po/m>k$1  
all in=mation necess>y to det]m9e :e!r !
 borr[] is eligible = a loan            
modification or an alt]native to        
=eclosure4  7,c7 ,necess>y in=mation n  
receiv$ ,9 ! case t ! s]vic] does n     
receive f ! borr[] all in=mation reque/$
 "u clause 7ii7 ( subp>agraph 7,b7 )9 ! 

"t p]iod describ$ 9 su* subp>agraph1 !  
s]vic] %all s5d ! borr[] an additional  
writt5 reque/ t ! borr[] transmit to !  
s]vic]1 n lat] ?an #ae days aft] ! date 
on :i* su* reque/ s5t by ! s]vic] is    
po/m>k$1 all in=mation necess>y to      
det]m9e :e!r ! borr[] is eligible = a   
loan modification or an alt]native to   
=eclosure4  7,d7 ,notification (        
=eclosure ,9 ! case t ! s]vic] does n   
receive f ! borr[] all in=mation reque/$
 "u subp>agraph 7,c7 )9 ! "t p]iod      
describ$ 9 su* subp>agraph1 ! s]vic]    
%all1 foll[+ a ?ird p>ty review "u      
subsection 7d71 notify ! borr[] t !     
s]vic] int5ds to initiate or cont9ue a  
cov]$ =eclosure action4  7d7 ,?ird p>ty 
review  7#a7 ,9 g5]al ,unless o!rwise   
provid$ = 9 ?is subsection1 be=e a      
s]vic] notifies a borr[] t ! borr[] is n
 eligible = a loan modification or an   
alt]native to =eclosure1 ! s]vic] %all  
obta9 ! s]vices ( an indep5d5t review]  
to--  7,a7 review ! file ( ! borr[]2 &  
7,b7 det]m9e :e!r ! borr[] is eligible =

 a loan modification or an alt]native to
 =eclosure4  7#b7 ,exemption ,p>agraph  
7#a7 %all n apply to a s]vic] t is a    
community f9ancial in/itution1 z def9$ 9
 section #b7aj7 ( ! ,f$]al ,home ,loan  
,bank ,act 7#ab ,u4,s4,c4 #adbb7aj774   
7e7 ,b> to =eclosure actions  7#a7 ,9   
,g5]al ,subject to p>agraph 7#b71 a     
violation ( ?is ,act %all be a b> to a  
cov]$ =eclosure action4  7#b7 ,effect ( 
,subsequ5t ,compliance ,if a s]vic] is 9
 compliance ) ?is section1 ! s]vic] may 
br+ or proce$ ) a cov]$ =eclosure       
action1 )\t reg>d to a prior violation (
 ?is section by ! s]vic]4  7f7          
,liability  7#a7 ,9 g5]al ,a s]vic] t   
fails to comply ) any requirem5t impos$ 
"u ?is section %all be liable to a      
borr[] 9 ! same mann] t a cr$itor :o    
fails to comply ) any requirem5t "u ?is 
*apt] is liable to a p]son "u section   
#acj4  7#b7 ,jo9t & sev]al liability ,a 
cr$itor or assignee t is connect$ to a  
mortgage s]vic$ by a s]vic] t fails to  
comply ) any requirem5t impos$ "u ?is   

section %all1 ) respect to t mortgage1 h
 jo9t & sev]al liability ) su* s]vic] = 
su* failure to comply4  4  7b7 ,table ( 
cont5ts ,! table ( cont5ts ( *apt] #b ( 
su* ,act is am5d$ by ins]t+ aft] ! item 
relat+ to section #abi;,h ! foll[+ new  
item3  #abi;,i4 ,/&>ds = s]vic]s (      
resid5tial mortgages4  4  #c4           
,regulations ,n lat] ?an #ij days aft] !
 date ( enactm5t ( ?is ,act1 ! ,director
 ( ! ,bureau ( ,consum] ,f9ancial       
,protection1 9 consultation ) !         
,secret>y ( ,h\s+ & ,urban ,developm5t &
 ! ,secret>y ( ! ,treasury1 %all issue  
regulations to c>ry out ! am5dm5ts made 
by ?is ,act4  #d4 ,report ,n lat] ?an #a
 ye> aft] ! date ( enactm5t ( ?is ,act1 
! ,director ( ! ,bureau ( ,consum]      
,f9ancial ,protection %all submit to    
,congress a report t conta9s--  7#a7 an 
evaluation ( ! effect ( ! am5dm5ts made 
by ?is ,act on--  7,a7 ,/ate law2 &     
7,b7 communication betwe5 s]vic]s &     
borr[]s2 &  7#b7 a description ( any    
problems conc]n+ ! implem5tation ( ?is  

,act4