,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #hci  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,febru>y #bf1 #bjac   
,mr4 ,rooney 7= himself & ,mr4 ,&rews7  
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to require ! l5d] or s]vic] ( a
 home mortgage1 ^u a reque/ by ! home[n]
 = a %ort sale1 to make a prompt        
decision :e!r to all[ ! sale4  #a4 ,%ort
 title ,?is ,act may be cit$ z ! ,prompt
 ,notification ( ,%ort ,sales ,act4  #b4
 ,def9itions ,= purposes ( ?is ,act1 !  
foll[+ def9itions %all apply3  7a7      
,resid5tial mortgage loan ,! t]m        
resid5tial mortgage loan means any      
consum] cr$it transaction t is secur$ by
 a mortgage1 de$ ( tru/1 or o!r         
equival5t cons5sual security int]e/ on a
 dwell+ or on resid5tial real prop]ty t 
includes a dwell+1 o!r ?an a consum]    
cr$it transaction "u an op5 end cr$it   
plan or an ext5sion ( cr$it relat+ to a 
plan describ$ 9 section #aja7ec;,d7 (   
title #aa1 ,unit$ ,/ates ,code4  7b7    

,securitization vehicle ,! t]m          
securitization vehicle means a tru/1    
special purpose entity1 or o!r legal    
/ructure t is us$ to facilitate ! issu+ 
( securities1 p>ticipation c]tificates1 
or simil> in/rum5ts back$ by or ref]r+  
to a pool ( assets t includes resid5tial
 mortgage loans 7or in/rum5ts t are     
relat$ to resid5tial mortgage loans1 su*
 z cr$it-l9k$ notes74  7c7 ,s]vic] ,!   
t]m s]vic] has ! same mean+ z 9 section 
#abi;,a ( ! ,tru? 9 ,l5d+ ,act 7#ae     
,u4,s4,c4 #afci;a71 except t su* t]m    
includes a p]son :o makes or holds a    
resid5tial mortgage loan 7includ+ a pool
 ( resid5tial mortgage loans71 if su*   
p]son also s]vices ! loan4  7d7 ,%ort   
sale ,! t]m %ort sale means ! sale ( !  
dwell+ or resid5tial real prop]ty t is  
subject to ! mortgage1 de$ or tru/1 or  
o!r security int]e/ t secures a         
resid5tial mortgage loan t--  7#a7 w    
result 9 proce$s 9 an am\nt t is less   
?an ! rema9+ am\nt due "u ! mortgage    
loan2 &  7#b7 requires au?orization by !

 securitization vehicle or o!r inve/m5t 
vehicle or hold] ( ! mortgage loan1 or !
 s]vic] act+ on behalf ( su* a vehicle  
or hold]4  #c4 ,prompt notifications &  
decision reg>d+ %ort sale  7a7          
,requirem5t = prompt notifications1     
decisions  7#a7 ,notifications  7,a7 ,9 
g5]al ,ea* s]vic] %all provide 9 writ+  
to a mortgagor ( a resid5tial mortgage  
loan--  7i7 an ackn[l$gm5t ( receipt ( a
 writt5 reque/ ( ! mortgagor1 n lat] ?an
 #c days aft] ! date ( su* receipt2     
7ii7 a notice ( any miss+ or incomplete 
in=mation requir$ ) respect to su*      
reque/1 n lat] ?an #e days aft] ! date (
 su* receipt2 &  7iii7 a def9itive      
response to su* reque/ approv+ or d5y+  
su* reque/1 n lat] ?an #cj days aft] !  
date ( su* receipt4  7,b7 ,exceptional  
circum/ances ,9 any case 9 :i* a s]vic] 
is unable to provide a decision )       
respect to a writt5 reque/ ( a mortgagor
 ( a resid5tial mortgage loan dur+ !    
#cj-;day p]iod requir$ by subp>agraph   
7,a71 su* p]iod may be ext5d$ to n lat] 

?an #fj days aft] ! date ( receipt ( a  
complet$ application1 except t ! s]vic] 
%all1 v]bally or 9 writ+--  7i7 notify !
 mortgagor dur+ ! initial #cj-;day p]iod
 t ! application is /ill "u review2 &   
7ii7 ea* week !reaft] provide to !      
mortgagor a /atus update indicat+ !     
reasons :y a decision is p5d+ beyond !  
requir$ #cj-;day p]iod4  7,c7           
,applicability ,subp>agraph 7,a7 %all   
apply1 except z provid$ 9 subsection    
7b71 & not)/&+ any o!r provision ( law  
or ( any contract1 includ+ a contract   
betwe5 a s]vic] ( a resid5tial mortgage 
loan & a securitization vehicle or o!r  
inve/m5t vehicle4  7,d7 ,cont5t ,a      
writt5 response by a s]vic] "u          
subp>agraph 7,a7 %all specify a decision
 on :e!r su* reque/ has be5 d5i$1       
approv$1 or t su* reque/ has be5 approv$
 subject to specifi$ *anges4  7#b7      
,mortgagor submission ,p>agraph 7#a7    
%all apply 9 any case 9 :i* ! mortgagor 
"u a resid5tial mortgage loan submits to
 ! s]vic] !re(--  7,a7 a writt5 (f] = a 

%ort sale ( ! dwell+ or resid5tial real 
prop]ty t is subject to ! mortgage1 de$ 
( tru/1 or o!r security int]e/ t secures
 ! mortgage loan2 &  7,b7 all in=mation 
requir$ by ! s]vic] 9 connection ) su* a
 reque/ 7includ+ a copy ( an execut$    
contract betwe5 ! own] ( ! dwell+ or    
prop]ty & ! prospective buy] t is       
subject to approval by ! s]vic]74  7#c7 
,civil actions au?oriz$ ,an aggriev$    
individual may br+ an action 9 a c\rt ( 
compet5t jurisdiction1 ass]t+ a         
violation ( ?is ,act4 ,aggriev$         
individuals may be aw>d$ all appropriate
 relief1 includ+ equitable relief1 & a  
monet>y aw>d ( #a1jjj p] violation1 plus
 reasonable attorneys' fees1 or su*     
high] am\nt z may be appropriate 9 !    
case ( an e/abli%$ patt]n or practice ( 
su* failures4  7b7 ,inapplicability to  
c]ta9 exi/+ mortgages ,subsection 7a7   
%all n apply ) respect to any resid5tial
 mortgage ) respect to :i* ! mortgagor &
 ! mortgagee or s]vic] h ent]$ into a   
writt5 agreem5t be=e ! date ( enactm5t (

 ?is ,act explicitly provid+ a proc$ure 
or t]ms = approval ( a %ort sale4  7c7  
,treatm5t ( o!r "t limits ,?is section  
may n be con/ru$ to preempt1 annul1 or  
o!rwise affect any o!r provision ( law  
or ( any contract or program t provides 
a %ort] p]iod ?an is provid$ "u         
subsection 7a7 = a decision by ! s]vic] 
( a resid5tial mortgage loan reg>d+ a   
%ort sale ( ! dwell+ or resid5tial real 
prop]ty t is subject to ! mortgage1 de$ 
or tru/1 or o!r security int]e/ t       
secures ! mortgage loan4