,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #difc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #be1 #bjad ,ms4 
,mi*elle ,lujan ,gri%am ( ,new ,mexico  
7= h]self & ,ms4 ,kaptur7 introduc$ !   
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to am5d ! ,real ,e/ate         
,settlem5t ,proc$ures ,act ( #aigd to   
provide protections to borr[]s1 & = o!r 
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,national ,home[n]s ,bill (
 ,rights ,act ( #bjad4  #b4 ,s]vic]     
treatm5t ( borr[]s ,! ,real ,e/ate      
,settlem5t ,proc$ures ,act ( #aigd 7#ab 
,u4,s4,c4 #bfja et seq47 is am5d$ by    
ins]t+ aft] section #f ! foll[+3  #f;,a4
 ,s]vic] treatm5t ( borr[]s  7a7 ,s]vic]
 requirem5ts  7#a7 ,s+le electronic     
record & s+le po9t ( contact ,ea* s]vic]
 ( a f$]ally relat$ mortgage loan1 or   
ag5ts ( su* s]vic]1 %all1 ) respect to !
 borr[]1 e/abli% a s+le electronic      
record = ea* acc\nt1 ! cont5ts ( :i*    
%all be accessible ?r\gh\t ! s]vic]1 or 

ag5ts ( su* s]vic]1 includ+ to all      
af=dable loan modification /aff1 all    
=eclosure /aff1 & all bankruptcy /aff4  
7#b7 ,availability ( net pres5t value   
in=mation ,s]vic]s %all ma9ta9 a free & 
publicly accessible website :]e borr[]s 
may *eck _! e/imat$ net pres5t value4   
7b7 ,protections = home[n]s ) limit$    
,engli% pr(ici5cy  7#a7 ,free oral      
int]pretation ,s]vic]s %all provide free
 oral int]pretation s]vices = borr[]s :o
 reque/ su* s]vices & su* s]vices may be
 provid$ by contract+ ) h\s+ c\nsel+    
ag5cies t are approv$ by ! ,dep>tm5t (  
,h\s+ & ,urban ,developm5t & t h        
appropriate language capacity4  7#b7    
,notation 9 file ,s]vic]s %all--  7,a7  
note a reque/ = translation s]vices 9 ! 
borr[]'s file & make su* note available 
to all relevant s]vic] p]sonnel2 &  7,b7
 note 9 ! borr[]'s file any "t ! borr[] 
has communicat$ or s\ght to communicate 
) ! s]vic] 9 a language o!r ?an ,engli%1
 & %all include su* o!r language4  7#c7 
,translat$ docum5ts  7,a7 ,provid+      

docum5ts  7i7 ,9 g5]al ,s]vic]s %all1 if
 a borr[] asks = translat$ docum5ts1    
provide key docum5ts to ! borr[]        
translat$ into ! language ( ! borr[]1   
includ+ p]iodic /atem5ts1 af=dable loan 
modification applications1 d5ial        
notices1 & loan modification (f]s1      
includ+ any trial p]iod plan4  7ii7     
,exception ,clause 7i7 %all only require
 provid+ docum5ts 9--  7,i7 commonly    
spok5 languages 9 ! ,unit$ ,/ates1 z    
det]m9$ by ! ,bureau2  7,,ii7 ) respect 
to a p>ticul> s]vic]1 languages spok5 by
 a significant numb] ( individuals liv+ 
9 any m>kets 9 :i* ! s]vic] does        
bus9ess1 z det]m9$ by ! ,bureau4  7,b7  
,accept+ docum5ts ,s]vic]s %all only be 
requir$ to accept docum5ts 9 languages 9
 :i* ! s]vic] already provides docum5ts1
 t are consid]$ to be "p ( r\t9e bus9ess
 transactions 9 ! m>ket 9 :i* ! mortgage
 loan 0 made1 or t are us$ 9 docum5ts   
provid$ to ! public by any dep>tm5t or  
ag5cy ( ! ,f$]al ,gov]nm5t4  7#d7       
,exception ,subp>agraph 7,a7 ( p>agraph 

7#c7 %all n apply to small s]vic]s1 z   
def9$ "u section #ajbf4da7;e77#d77;ii7 (
 title #ab1 ,code ( ,f$]al ,regulations4
  7c7 ,requirem5ts dur+ af=dable loan   
modification process  7#a7 ,borr[]s fac+
 imm95t default ,s]vic]s %all evaluate a
 borr[] fac+ imm95t default 7z su* t]m  
is def9$ by ! ,bureau71 z well z ^? 9   
default1 = af=dable loan modification   
assi/ance1 z describ$ 9 ?is section4    
7#b7 ,assi/ance to borr[]s  7,a7        
,assi/ance 9 apply+ = af=dable loan     
modification ,s]vic]s %all--  7i7 h     
available & suffici5t /aff to answ]     
que/ions borr[]s may h ab\t fill+ out   
docum5ts2 &  7ii7 provide borr[]s a li/ 
( non-pr(it legal s]vices organizations 
& h\s+ ag5cies approv$ by ! ,dep>tm5t ( 
,h\s+ & ,urban ,developm5t1 t c assi/ ! 
borr[]s ) docum5ts4  7,b7 ,treatm5t (   
successors 9 int]e/ ,s]vic]s %all--  7i7
 provide full in=mation & complete loss 
mitigation options to successor home[n]s
 protect$ f an accel]ation ( a mortgage 
loan "u ! ,g>n-,/ ,g]ma9 ,depository    

,in/itutions ,act ( #aihb1 if reque/$ by
 ! successor home[n]2 &  7ii7 review a  
mortgage loan = loss mitigation1 z ?\gh 
! successor home[n] 0 ! borr[]1 &       
provide a decision on available loss    
mitigation prior to an assumption ( !   
mortgage loan1 if reque/$ by ! succe$+  
home[n]4  7#c7 ,aft] review+ application
 ,if a s]vic] d5ies an application = an 
af=dable loan modification1 ! s]vic]    
%all notify ! borr[] ( o!r loss         
mitigation options t may be available to
 ! borr[] & %all consid] ! borr[] = su* 
o!r loss mitigation options4  7#d7 ,rule
 ( con/ruction ,no?+ 9 ?is section %all 
be con/ru$ z prohibit+ a s]vic] f       
consid]+ a borr[] = o!r loss mitigation 
options1 s long z ! s]vic] fir/ (f]s !  
borr[] an af=dable loan modification if 
! borr[] is eligible = su* a            
modification4  7#e7 ,requirem5ts relat$ 
to transf] ( loans  7,a7 ,9 g5]al ,= any
 transf] ( s]vic+ to a successor s]vic] 
( a f$]ally relat$ mortgage loan or     
subs]vic]1 ! transf]r+ s]vic] %all--    

7i7 in=m ! successor s]vic] 7includ+ a  
subs]vic]7 :e!r a loan modification     
reque/ is p5d+2  7ii7 provide !         
successor s]vic] ) all docum5tation     
relat$ to ! mortgage loan1 includ+ any  
docum5tation relat+ to a loan           
modification or loss mitigation process2
  7iii7 ensure t ! successor s]vic] has 
! op]ational capacity to manage !       
transf]r$ loan2  7iv7 ensure t !        
successor s]vic] %all accept & cont9ue  
process+ prior loan modification        
reque/s1 by includ+ su* requirem5t 9 !  
agreem5t made betwe5 ! s]vic]s :5       
transf]r+ ! loan2  7v7 ensure t         
successor s]vic] %all honor trial &     
p]man5t loan modification agreem5ts     
ent]$ into by ! transf]r+ s]vic] by     
includ+ su* requirem5t 9 ! agreem5t made
 betwe5 ! s]vic]s :5 transf]r+ ! loan2 &
  7vi7 notify ! borr[] ( ! transf]r$    
loan t ! new s]vic] is requir$ to accept
 & cont9ue process+ prior loan          
modification reque/s1 if any1 & is      
requir$ to honor trial & p]man5t loan   

modification agreem5ts ent]$ into by !  
transf]r+ s]vic]1 if any4  7,b7 ,honor+ 
( exi/+ loan modifications &            
applications 9 process ,! successor     
s]vic] %all agree to honor & accept any 
exi/+ loan modification & cont9ue any   
loan modification applications4  7,c7   
,prohibition on =eclosure ,dur+ !       
#fj-;day p]iod beg9n+ on ! effective    
date ( transf] ( ! s]vic+ ( any f$]ally 
relat$ mortgage loan1 ! mortgage loan   
subject to su* transf] may n be subject 
to initiation ( a judicial or           
non-judicial =eclosure or be subject to 
a =eclosure sale4  7d7 ,subsequ5t       
applications = af=dable loan            
modification ,if a borr[] has submitt$  
an application or reque/ 9 ! pa/1 !     
s]vic] %all all[ su* borr[] to make a   
subsequ5t af=dable loan modification    
application if ! borr[] exp]i5ces a     
mat]ial *ange 9 circum/ances1 z def9$ by
 ! ,bureau4  7e7 ,limitation on         
=eclosure proce$+s  7#a7 ,/op ( sales   
p5d+ application ,if a borr[] submits an

 initial application = af=dable loan    
modification assi/ance m ?an #g bus9ess 
days be=e a s*$ul$ =eclosure sale1 !    
s]vic] mu/ /op & cancel ! =eclosure     
sale4  7#b7 ,initiation ( =eclosure ,a  
s]vic] may n initiate or cont9ue a      
nonjudicial =eclosure or a judicial     
=eclosure t is o!rwise au?oriz$ "u ,/ate
 law aga9/ a mortgagor t has submitt$ an
 initial application = an af=dable loan 
modification or o!r loss mitigation1    
unless ! s]vic]--  7,a7 has det]m9$ :e!r
 ! mortgagor is eligible = an af=dable  
loan modification2 &  7,b7 has made su* 
a modification1 if ! mortgagor is       
eligible = a modification4  7#c7        
,=eclosure proce$+s p]mitt$ ,not)/&+    
p>agraph 7#b71 a s]vic] may initiate or 
cont9ue a judicial or nonjudicial       
=eclosure "u ,/ate law aga9/ a borr[]1  
if--  7,a7 ! s]vic]--  7i7 det]m9es t ! 
borr[] is n eligible = a modification2  
7ii7 notifies ! borr[] ( ! det]m9ation  
"u clause 7i72 &  7iii7 provides !      
borr[]--  7,i7 a copy ( any net pres5t  

value calculation made by ! s]vic] 9    
relation to an af=dable loan            
modification1 includ+ any in=mation     
provid+ a basis = su* net pres5t value  
calculation2  7,,ii7 a copy ( any note1 
de$ ( tru/1 or o!r docum5t necess>y to  
e/abli% ! "r ( ! s]vic] to =eclose on ! 
mortgage1 includ+ pro( ( assignm5t ( !  
mortgage to ! s]vic] & ! "r ( ! s]vic]  
to en=ce ! relevant note "u ! law ( !   
,/ate 9 :i* ! real prop]ty secur+ !     
mortgage is locat$2  7,,iii7 a copy (   
any language 9 ! pool+ or s]vic+        
agreem5t ) respect to ! mortgage t !    
s]vic] relies ^u 9 ass]t+ t x is        
prohibit$ or limit$ 9 provid+ a         
modification ( ! mortgage note2  7,,iv7 
a copy ( all correspond5ce betwe5 !     
s]vic] & ! borr[]s & inve/ors 9 :i* !   
s]vic] attempts to obta9 p]mission to   
make a modification2 &  7,v7 !          
alt]natives to =eclosure available to ! 
borr[]1 includ+ de$ 9 lieu ( =eclosures 
& %ort sales2 or  7,b7 a borr[]--  7i7  
decl9es to be consid]$ = a loan         

modification 9 writ+ or decl9es an      
af=dable modification 9 writ+2 or  7ii7 
does n respond to ! s]vic]'s outrea*    
activities 7z def9$ by ! ,bureau7 to    
obta9 und]ly+ in=mation to complete an  
application or fails to make a trial or 
p]man5t loan modification paym5t4  ,=   
purposes ( subp>agraph 7,a71 a pool+ &  
s]vic+ agreem5t is any contract e/abli%+
 ! transaction rights & duties ( !      
p>ties to any mortgage-back$            
securitization transaction4  7#d7 ,b> to
 =eclosure ,failure to comply ) !       
requirem5ts ( ?is subsection %all be a  
b> to ! =eclosure ( a mortgage1 de$ (   
tru/1 or sub/antially simil> in/rum5t4  
7#e7 ,fees  7,a7 ,waiv] ( late fees ,if 
a borr[]'s application = af=dable loan  
modification assi/ance is accept$1 !    
s]vic] %all waive any =eclosure fees &  
any late fees relat$ to ! del9qu5cy 9   
paym5t4  7,b7 ,no fee accrual :ile      
application is p5d+ ,a borr[] %all n    
accrue additional late or =eclosure fees
 dur+ ! p]iod beg9n+ on ! date t !      

borr[] submits an af=dable loan         
modification application & ! date on :i*
 ! s]vic] makes a det]m9ation on su*    
application4  7#f7 ,notification ,)     
respect to a =eclosure sale t is po/pon$
 by reason ( ?is subsection1 ! s]vic]   
%all notify ! borr[] 9 writ+ ( su*      
po/ponem5t &1 if a date = su* =eclosure 
sale is res*$ul$1 %all notify ! borr[] 9
 writ+ ( ! new =eclosure sale date4     
7#g7 ,c]tification ( det]m9ation (      
eligibility requir$ = sale  7,a7 ,sale (
 prop]ty prohibit$ ,if ! s]vic] ( a     
mortgage does n file a c]tification ) ! 
appropriate l& records (fice 9 !        
jurisdiction :]e ! prop]ty secur+ !     
mortgage is locat$1 /at+ t ! s]vic] has 
det]m9$ ! eligibility ( ! mortgagor = an
 af=dable loan modification 9 compliance
 ) ?is section--  7i7 ! mortgagee may n 
sell ! prop]ty secur+ ! mortgage2 &     
7ii7 no p]son t pur*ases ! prop]ty      
secur+ ! mortgage may initiate an action
 to recov] possession ( ! prop]ty4  7,b7
 ,violations ,a sale ( prop]ty 9        

violation ( ?is p>agraph %all be void4  
7#h7 ,initial application def9$ ,=      
purposes ( ?is subsection1 ! t]m initial
 application means a complet$ ,uni=m    
,borr[] ,assi/ance ,=m #gaj ( ! ,f$]al  
,national ,mortgage ,association or !   
,f$]al ,home ,loan ,mortgage            
,corporation1 a ,reque/ = ,modification 
& ,affidavit ( ! ,mak+ ,home ,af=dable  
,program1 or o!r equival5t =m t sets =? 
! borr[]'s f9ancial1 income1 & h>d%ip   
in=mation & ,=m #dejf-,t ( ! ,int]nal   
,rev5ue ,s]vice4  7f7 ,af=dable loan    
modifications  7#a7 ,af=dable loan      
modification def9$ ,= purposes ( ?is    
section1 ! t]m af=dable loan            
modification means an agreem5t to r$uce 
! am\nt ( s*$ul$ regul> paym5ts1 det]m9$
 by ! borr[]'s debt-to-income ratio or  
residual income1 & subject to su* t]ms &
 conditions z may be set by ! ,bureau1  
includ+ any r$uction ( ! pr9cipal am\nt 
( ! mortgage note z describ$ 9 p>agraph 
7#d71 t is reflect$ 9 a p]man5t *ange to
 ! t]ms ( ! mortgage note "u su* t]ms z 

! ,bureau %all def9e4  7#b7 ,calculation
 ( t>get af=dable regul> mortgage paym5t
 ,= purposes ( ?is subsection1 ! t>get  
af=dable regul> mortgage paym5t %all be 
an am\nt det]m9$ by ! borr[]'s          
debt-to-income ratio or residual income1
 & subject to su* t]ms & conditions z   
may be set by ! ,bureau1 subject to su* 
t]ms & conditions z may be set by !     
,bureau4 ,su* t]ms %all be bas$ on a    
fully amortiz+ pr9cipal & int]e/ paym5t 
ov] ! rema9d] ( ! t]m ( ! mortgage1 z   
modifi$ by any r$uction 9 pr9cipal4     
7#c7 ,eligibility ,a mortgagor %all be  
eligible to p>ticipate 9 an af=dable    
loan modification if--  7,a7 su* p]son  
is a borr[] "u a f$]ally relat$ loan    
secur$ by ! pr9cipal resid5ce ( ! borr[]
 or a p]son eligible to assume su* a    
loan z a successor home[n] protect$ f an
 accel]ation ( a mortgage loan "u !     
,g>n-,/ ,g]ma9 ,depository ,in/itutions 
,act ( #aihb1 :o is unable to make      
paym5ts on a f$]ally relat$ mortgage    
loan "u su* crit]ia z ! ,director ( !   

,bureau %all def9e1 9 consultation ) !  
,secret>y ( ,h\s+ & ,urban ,developm5t &
 ! ,secret>y ( ! ,treasury2  7,b7 su*   
resid5ce is occupi$ by ! mortgagor2 &   
7,c7 ! loan modification has a positive 
net pres5t value 7z def9$ "u p>agraph   
7#d77;,b77iv77,,ii774  7#d7 ,e>n$       
pr9cipal =giv5ess  7,a7 ,9 g5]al ,if1   
aft] r$uc+ mortgage note pr9cipal "u    
e>n$ pr9cipal =giv5ess provid$ 9        
subp>agraph 7,b71 a t>get af=dable      
regul> mortgage paym5t has n be5 a*iev$1
 ! s]vic] ( ! mortgage %all comply ) !  
af=dable loan modification plan wat]fall
 /eps z set out by ! ,bureau ( int]e/   
rate r$uction1 t]m ext5sion1 & pr9cipal 
=be>ance1 z necess>y to a*ieve a t>get  
af=dable regul> mortgage paym5t4  7,b7  
,e>n$ pr9cipal =giv5ess  7i7 ,pr9cipal  
r$uction ,! ,bureau %all det]m9e /&>ds  
by :i* a mortgagor :o has receiv$ an    
af=dable loan modification %all rema9 9 
good /&+ 9 ord] to p>ticipate 9 a       
r$uction 9 mortgage note pr9cipal "u ?is
 subsection4  7ii7 ,pr9cipal r$uction   

requir$ ,except z provid$ "u clause     
7iii71 a s]vic] %all (f] a borr[] an    
af=dable loan modification hav+ !       
maximum am\nt ( pr9cipal r$uction t     
results 9 a positive net pres5t value   
calculation4 ,= purposes ( calculat+ net
 pres5t value1 a s]vic] may use _! own  
=mula1 if x has be5 approv$ by !        
,bureau1 or may use a default =mula     
det]m9$ by ! ,bureau4  7iii7 ,exceptions
  7,i7 ,great] pr9cipal r$uction ,a     
s]vic] may (f] a great] pr9cipal        
r$uction1 if su* a r$uction is consi/5t 
) ! t]ms ( any contract ) respect to !  
mortgage4  7,,ii7 ,loan-to-value ratio  
,a s]vic] is n requir$ to (f] a pr9cipal
 r$uction t w\ld result 9 a             
loan-to-value ratio ( less ?an #ajj     
p]c5t4  7iv7 ,rules ( con/ruction  7,i7 
,maximum am\nt ( pr9cipal r$uction ,a   
pr9cipal r$uction am\nt may be consid]$ 
! maximum am\nt if x is )9 #a1jjj ( !   
actual maximum am\nt4  7,,ii7 ,positive 
net pres5t value calculation ,a net     
pres5t value calculation %all be deem$  

to be positive = ! mortgage inve/ors if 
! net pres5t value result = an af=dable 
loan modification sc5>io is great] ?an !
 net pres5t value result if no af=dable 
loan modification is made4 ,net pres5t  
value %all be calculat$ z ! b5efit ( all
 inve/ors 9 a securitization r ?an !    
b5efit ( any p>ticul> class ( inve/ors4 
7v7 ,pr9cipal =giv5ess  7,i7 ,treatm5t (
 pr9cipal r$uction am\nt ,any am\nt (   
pr9cipal r$uction "u clause 7ii7 %all be
 treat$ z non-int]e/-be>+ pr9cipal      
=be>ance until ! dates describ$ "u      
subclause 7,,ii74 ,! pr9cipal r$uction  
describ$ 9 ?is clause %all be deem$ to  
be sep>ate f & exclusive ( any o!r      
=be>ance t may be (f]$ 9 conjunction ) a
 modification "u an af=dable loan       
modification program4  7,,ii7 ,r$uction 
( pr9cipal ,! s]vic] ( a mortgage       
modifi$ "u an af=dable loan modification
 plan %all r$uce ! unpaid balance ( !   
pr9cipal ( ! mortgage by an am\nt equal 
to #ac ( ! total am\nt ( ! pr9cipal     
r$uction "u clause 7ii7 on ea* ( !      

foll[+ dates3  7aa7 ,! date t is #a ye> 
aft] ! date on :i* ! af=dable loan      
modification beg9s4  7bb7 ,! date t is  
#b ye>s aft] ! date on :i* ! af=dable   
loan m$ication beg9s4  7cc7 ,! date t is
 #c ye>s aft] ! date on :i* ! af=dable  
loan modification beg9s4  7vi7 ,c]ta9   
modifications ,) respect to a borr[] t  
is n und]wat] & does n qualify =        
pr9ciple r$uction1 ! s]vic] %all (f] su*
 borr[] an af=dable loan modification to
 rea* ! t>get af=dable regul> mortgage  
paym5t am\nt1 if ! borr[] qualifies4    
7#e7 ,treatm5t ( junior li5s ,) respect 
to a borr[]1 if a prim>y mortgage loan  
is modifi$ pursuant to ?is subsection1 !
 s]vic] ( any junior mortgage loan %all 
make a modification available to !      
borr[] on ! same t]ms z ! modification (
 ! prim>y mortgage loan1 unless         
prohibit$ by contract4  7#f7 ,rule (    
con/ruction ,no?+ 9 ?is section %all be 
con/ru$ z prohibit+ a s]vic] f provid+ a
 loan modification t does n produce a   
positive net pres5t value 7z def9$ "u   

p>agraph 7#d77;,b77iv77,,ii774  7g7 ,b> 
to =eclosure ,9 any judicial or         
non-judicial =eclosure proce$+1 x %all  
be a b> to =eclosure t ! s]vic] ( !     
f$]ally relat$ mortgage loan on !       
prop]ty to be =eclos$ violat$ any       
provision ( ?is section4  7h7 ,civil    
,p5alty  7#a7 ,9 g5]al ,any s]vic] :o   
violates a provision ( ?is section %all 
be subject to a f9e 9 an am\nt1 z       
det]m9$ by ! ,bureau1 n to exce$ #e1jjj 
= ea* violation except t ! maximum      
p5alty = all violations by any p>ticul> 
s]vic] dur+ any #a-ye> p]iod %all n     
exce$ #a1jjj1jjj4  7#b7 ,liability to   
borr[] ,any s]vic] t violates a         
provision ( ?is section ) respect to a  
loan %all be liable to ! borr[] ( su*   
loan 9 ! am\nt ( #aj1jjj p] violation4  
7#c7 ,cont9u+ violations ,9 ! case ( a  
cont9u+ violation1 z det]m9$ by !       
,bureau1 ea* day %all con/itute a       
sep>ate violation = purposes ( ?is      
subsection4  7#d7 ,adju/m5t ( am\nts    
,aft] ! end ( ! #a-ye> p]iod beg9n+ on !

 date ( ! enactm5t ( ?is subsection1 !  
,bureau %all annually adju/ am\nts      
specifi$ "u ?is subsection to reflect   
inflation4  #f;,b4 ,mortgage ,s]vic]    
,ombudsman  7a7 ,9 g5]al ,! ,director ( 
! ,bureau %all appo9t a ,mortgage       
,s]vic] ,ombudsman 7! ,ombudsman7 )9 !  
,bureau4  7b7 ,duties ,! ,ombudsman %all
 provide assi/ance to s]vic]s & borr[]s 
9 comply+ ) ,f$]al law ) respect to !   
s]vic+ ( mortgage loans & (f] resolution
 to borr[]s :o are fac+ noncompliance4  
7c7 ,focus on l[-,income borr[]s ,9     
c>ry+ out ?is section1 ! ,ombudsman %all
 focus on provid+ assi/ance to l[-income
 borr[]s4  7d7 ,consultation ,!         
,ombudsman %all consult )--  7#a7       
attorneys g5]al ( ,/ates 9 c>ry+ out ?is
 section2 &  7#b7 o!r (fices ( ! ,bureau
 t engage 9 dispute resolution4  7e7    
,non-,duplication ,! ,ombudsman may n   
c>ry out any activities t w\ld be       
duplicative ) activities ( o!r ,bureau  
(fices4  #f;,c4 ,p5alties = robo-sign+  
,any s]vic] :o records or files ) a l&  

records (fice or a c\rt m ?an "o docum5t
 ) mat]ial defici5cies ) respect to a   
mortgage loan %all be subject to a f9e (
 n m ?an #g1ejj = ea* su* loan4  4  #c4 
,ext5sion ( ! ,protect+ ,t5ants at      
,=eclosure ,act ( #bjji ,section #gjd ( 
! ,protect+ ,t5ants at ,=eclosure ,act (
 #bjji 7#ab ,u4,s4,c4 #ebja note2 #ab   
,u4,s4,c4 #ebbj note2 #db ,u4,s4,c4     
#adcg;f note7 is h]eby repeal$4  #d4    
,rule ( ,con/ruction ,no?+ 9 ?is ,act1  
or ! am5dm5ts made by ?is ,act1 %all be 
con/ru$ z preempt+ any ,/ate or local   
law ) respect to =eclosures t provides  
great] protections = consum]s4  #e4     
,rulemak+ ,! ,bureau ( ,consum]         
,f9ancial ,protection %all1 n lat] ?an !
 end ( ! #ab-mon? p]iod beg9n+ on ! date
 ( ! enactm5t ( ?is ,act1 issue         
regulations to c>ry out ?is ,act & !    
am5dm5ts made by ?is ,act1 & ! ,bureau  
%all provide t su* regulations take     
effect n lat] ?an ! end ( ! #f-mon?     
p]iod beg9n+ on ! date ! regulations are
 issu$4