,,ib ,union ,cal5d> ,no4 #edg #aaf? ,,congress #b;d ,session ,h4 ,r4 #abc ,report ,no4 #aaf-ffc ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #c1 #bjai,mr4 ,gre5 ( ,texas introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,decemb] #ag1 #bjbj;,additional sponsors3 ,mr4 ,%]man & ,mr4 ,cleav] ,decemb] #ag1 #bjbj,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be printed,strike out all aft] ! enact+ clause & ins]t ! "p pr9t$ 9 italic,for text ( introduc$ bill1 see copy ( bill z introduc$ on ,janu>y #c1 #bjai ,a ,,bill ,to au?orize a pilot program "u section #beh ( ! ,national ,h\s+ ,act to e/abli% an automat$ process = provid+ additional cr$it rat+ in=mation = mortgagors & prospective mortgagors "u c]ta9 mortgages4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,alt]native ,data = ,additional ,cr$it ,,fha ,pilot ,program ,reau?orization ,act4 #b4 ,pilot program = borr[]s )\t suffici5t cr$it hi/ory ,section #beh ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agaez-#bd7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 by /rik+ c>ry out & ins]t+ e/abli% & c>ry out2 7,b7 by /rik+ e/abli%1 &2 7,c7 by ins]t+ :o elect to p>ticipate 9 ! pilot program be=e ! second comma2 7,d7 by /rik+ mortgagors &2 7,e7 by ins]t+ aft] _! cr$itwor?9ess ! foll[+3 & h opt$ into ! use ( additional cr$it in=mation2 & 7,f7 by /rik+ alt]native ea* place su* t]m appe>s & ins]t+ additional2 7#b7 9 subsection 7b71 by add+ aft] ! p]iod at ! end ! foll[+3 ,! pilot program may n be c>ri$ out ) respect to any mortgagor or prospective mortgagor "u a mortgage ! proce$s ( :i* are us$ to prepay or pay (f an exi/+ loan secur$ by ! same prop]ty42 7#c7 by /rik+ subsection 7c72 7#d7 by r$esignat+ subsections 7b7 7z am5d$ by p>agraph 7#b7 ( ?is subsection7 & 7d7 z subsections 7c7 & 7k71 respectively2 7#e7 by ins]t+ aft] subsection 7a7 ! foll[+ new subsection3 7b7 ,goal ,! goal ( ! pilot program "u ?is section %all be to exam9e & evaluate ! b5efits ( us+ su* a cr$it scor+ model t uses additional data4 2 7#f7 by ins]t+ aft] subsection 7c7 7z s r$esignat$ by p>agraph 7#d7 ( ?is subsection7 ! foll[+3 7d7 ,additional cr$it in=mation ,! ,secret>y %all1 aft] consultation ) ! ,gov]nm5t ,national ,mortgage ,association & n lat] ?an "o ye> aft] ! date ( ! enactm5t ( ?is subsection1 select "o or m comm]cially available cr$it scor+ models t w be available "u ! pilot & t utilize additional data1 z ! ,secret>y consid]s appropriate bas$ on ! goals ( ! pilot program4 ,9 select+ ! model or models to use1 ! ,secret>y %all consid] ! crit]ia "u "p #abed ( ! regulations ( ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy 7#ab ,c4,f4,r4 ,"p #abed7 to ! ext5t appropriate4 7e7 ,notification 7#a7 ,notice ( options ,! ,secret>y %all develop a notice = prospective mortgagors1 & require mortgagees to provide su* notice to prospective mortgagors1 t in=ms prospective mortgagors (-- 7,a7 ! ability to opt into ! use ( ! cr$it scor+ model select$ = use "u ! pilot program2 7,b7 in=mation on h[ ! pilot program cr$it scor+ model diff]s f ! ,,fha's curr5t cr$it scor+ models1 includ+ ! types ( additional data t are includ$ 9 ! pilot program model2 & 7,c7 h\s+ c\nsel+ ag5cies 9 ! area t are approv$ by ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t4 7#b7 ,comp>ison ( l5d+ options ,! ,secret>y %all require mortgagees p>ticipat+ 9 ! pilot program to provide in=mation to prospective mortgagors suffici5t to all[ comp>ison ( ! mortgagor's l5d+ options us+ ! cr$it scor+ model "u ! pilot program & us+ ! cr$it scor+ model !n 9 effect = mortgagors n opt+ into ! use ( ! cr$it scor+ model "u ! pilot program4 7f7 ,und]writ+ options ,?is section may n be con/ru$ to preclude a prospective mortgagor :o opts to use an approv$ cr$it scor+ model "u ! pilot program "u ?is subsection 9 connection ) und]writ+ = a mortgage insur$ "u ?is title f !reaft] obta9+ a det]m9ation ( cr$itwor?9ess involv$ 9 und]writ+ = su* mortgage us+ in=mation o!r ?an t provid$ "u su* approv$ cr$it scor+ model4 7g7 ,protection ( propriet>y in=mation ,?is section may n be con/ru$ to require ! disclosure or %>+ ( any propriet>y in=mation4 7h7 ,report+ 7#a7 ,9 g5]al ,! ,secret>y %all submit reports to ! ,congress 9 accordance ) p>agraph 7#b7 t provide a detail$ evaluation ( ! effectiv5ess ( ! pilot1 includ+ data t %[s-- 7,a7 ! numb] ( mortgagors :o _h ! option to opt into us+ additional cr$it in=mation & ! numb] ( mortgagors :o opt$ into us+ additional cr$it in=mation2 7,b7 ! total numb] & p]c5t ( mortgagors :o opt$ into ! pilot & 7 subsequ5tly approv$ = a mortgage2 7,c7 demographic in=mation ab\t mortgagors :o opt into us+ additional cr$it in=mation1 comp>$ to demographic in=mation ab\t mortgagors g5]ally1 :i* %all include race1 e?nicity1 m>ital /atus1 sex or g5d]1 geographic location reg>d+ mortgag$ prop]ties1 & any o!r in=mation ! ,secret>y deems appropriate2 7,d7 :e!r or n mortgagors ) no or ?9 cr$it files b5efitt$ f hav+ ?is option & h[2 7,e7 :e!r or n o!r borr[]s :o did n h ?9 or no cr$it files b5efitt$ f ?is option & h[2 7,f7 ! effectiv5ess ( ! additional cr$it in=mation 9 pr$ict+ mortgage loan default2 7,g7 ! rate ( p>ticipation ( mortgagees 9 ! pilot program2 7,h7 :e!r or n ! pilot program _h an impact on ! ,mutual ,mortgage ,insurance ,fund1 9 g5]al1 & specifically :e!r x _h an impact on ! economic net wor? ratio ( ! ,fund2 7,i7 :e!r or n !re 0 suffici5t income f ! pilot program to (fset ! risk pos$ to su* ,fund by ! pilot program2 7,j7 :e!r ! pilot program _h an impact on ! ability ( o!r borr[]s n p>ticipat+ 9 ! program to obta9 ! products & s]vices ( ! ,,fha2 & 7,k7 any o!r in=mation ! ,secret>y det]m9es relevant4 7#b7 ,submission ,! ,secret>y %all submit a report describ$ 9 p>agraph 7#a7-- 7,a7 n lat] ?an #f mon?s aft] ! conclusion ( ! #b-ye> p]iod beg9n+ on ! date on :i* ! ,secret>y beg9s accept+ ! additional cr$it scores ?r\gh ! pilot program e/abli%$ by ! ,secret>y pursuant to ?is section2 & 7,b7 n lat] ?an #a ye> aft] ! conclusion ( ! #e-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ! ,alt]native ,data = ,additional ,cr$it ,,fha ,pilot ,program ,reau?orization ,act4 7#c7 ,report on selection ( additional cr$it model ,n lat] ?an ! conclusion ( ! #f-mon? p]iod t beg9s ^u ! conclusion ( ! "o-ye> p]iod "u subsection 7d71 ! ,secret>y %all submit to ! ,congress a report expla9+ :y ! additional cr$it scor+ model or models select$ pursuant to subsection 7d7 7 select$ 9 lieu ( o!r comm]cially available cr$it scor+ models4 7#d7 ,public availability ( in=mation ,! ,secret>y %all make publicly available 9 an easily accessible location on ! website ( ! ,dep>tm5t-- 7,a7 ea* report submitt$ to ! ,congress pursuant to ?is subsection2 & 7,b7 in=mation ab\t ! pilot program1 :i* %all include an up-to-date li/+ ( mortgagees p>ticipat+ 9 ! pilot program4 7i7 ,au?ority to limit p>ticipation ,! ,secret>y may e/abli% a limitation to cap p>ticipation 9 ! pilot program "u ?is section4 7j7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$-- 7#a7 #c1jjj1jjj = fiscal ye> #bjbj = e/abli%+ & c>ry+ out ! pilot program "u ?is section2 & 7#b7 #a1ejj1jjj = ea* ( fiscal ye>s #bjba ?r\gh #bjbd = c>ry+ out ! pilot program "u ?is section4 2 & 7#g7 9 subsection 7k71 z s r$esignat$ by p>agraph 7#d71 by /rik+ #e-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ! ,build+ ,am]ican ,home[n]%ip ,act ( #bjjh & ins]t+ #e-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ! ,alt]native ,data = ,additional ,cr$it ,,fha ,pilot ,program ,reau?orization ,act4 ,decemb] #ag1 #bjbj,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be pr9t$