,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #fcdj ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,m>* #bc1 #bjbj,mr4 ,clay introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to provide = mortgage =be>ance dur+ ! ,,covid-#ai em]g5cy1 & = o!r purposes4 #a4 ,mortgage =be>ance 7a7 ,f9d+s 7#a7 ,f9d+s ,congress f9ds t-- 7,a7 ! collection ( debts involves ! use ( ! mails & wires & o!r in/rum5talities ( int]/ate comm]ce2 7,b7 at times ( major disa/] or em]g5cy1 ! income ( consum]s is (t5 impair$ & _! necess>y daily exp5ses (t5 increase2 7,c7 tempor>y =be>ance b5efits n only consum] & small bus9ess debtors1 b also o!r cr$itors by avoid+ d[nw>d collat]al price spirals trigg]$ by an increase 9 =eclosure activity2 7,d7 )\t =be>ance1 _m consum]s & small bus9esses are unlikely to be able to pay _! obligations accord+ to _! orig9al t]ms & are likely to default on obligations or file = bankruptcy1 result+ 9 r$uc$ recov]ies = cr$itors1 & 9 ! case ( bankruptcy1 no recov]y ( unaccru$ int]e/2 7,e7 ) =be>ance1 cr$itors are likely to realize great] long-t]m value because consum]s & small bus9esses w be m likely to be able to repay _! obligations aft] ! major disa/] or em]g5cy has subsid$2 7,f7 ! legislative & adm9i/rative response to major disa/]s & em]g5cies may consi/ ( multiple compon5ts divid$ among diff]5t /atutes & programs2 & 7,g7 :5 evaluat+ :e!r prop]ty has be5 tak5 f a p]son )\t j comp5sation1 a holi/ic evaluation ( ! burd5s & b5efits ( all legislative & adm9i/rative responses1 includ+ indirect b5efits f macroeconomic /abilization1 is appropriate4 7#b7 ,fur!r f9d+s reg>d+ mortgage =be>ance ,congress fur!r f9ds t-- 7,a7 ensur+ t consum]s are able to rema9 9 _! resid5ces r$uces ! disruptions & economic h>m caus$ by su* disa/]s & em]g5cies by ensur+ t consum]s are able to cont9ue _! exi/+ employm5t1 education1 *ildc>e1 & heal?c>e arrangem5ts1 :i* are (t5 geographically bas$2 7,b7 tempor>y =be>ance on resid5tial mortgages is !re=e critical to fo/]+ economic recov]y & /ability 9 ! wake ( major disa/]s or em]g5cies2 7,c7 tempor>y mortgage =be>ance dur+ a decl>$ disa/] b5efits n only mortgagors1 b also mortgagees because mortgagors' ability to pay is likely to be re/or$ aft] a disa/] or em]g5cy subsides1 s =be>ance may increase mortgagors' total recov]y4 ,)\t =be>ance1 mortgagors are likely to default or file = bankruptcy1 result+ 9 significant losses = mortgagees2 & 7,d7 tempor>y mortgage =be>ance dur+ a decl>$ disa/] also b5efits ! mortgagees ( o!r prop]ties because h\s+ prices are geographically & s]ially correlat$ s an increase 9 =eclosures c drive d[n ! value ( collat]al = all mortgage l5d]s1 fur!r de/abiliz+ ! economy4 7#c7 ,fur!r f9d+s reg>d+ mortgage s]vic]s ,congress fur!r f9ds t-- 7,a7 mortgage s]vic]s are (t5 contractually obligat$ to advance s*$ul$ mortgage paym5ts to securitization inve/ors1 irrespective ( :e!r ! s]vic] collects ! paym5t f ! mortgagor2 7,b7 mortgage s]vic]s are (t5 ?9ly capitaliz$ & ) limit$ capacity = engag+ 9 l>ge scale advanc+ ( paym5ts to securitization inve/ors2 7,c7 securitization inve/ors h long be5 aw>e ( s]vic]s' ?9 capitalization2 7,d7 9 ! wake ( ! #bjjh f9ancial crisis1 sev]al s]vic]s _h difficulty obta9+ suffici5tly liquidity to make advances2 7,e7 mortgage s]vic+ is a heavily regulat$ indu/ry2 7,f7 9 response to ! #bjjh f9ancial crisis1 ,congress creat$ a safe h>bor = mortgage s]vic]s t und]took loan modifications2 7,g7 9 response to ! #bjjh f9ancial crisis1 ! ,home ,af=dable ,modification ,program paid mortgage s]vic]s to und]take loan modifications2 7,h7 z "p ( ! #bjab jo9t ,/ate-,f$]al ,national ,mortgage ,settlem5t1 mortgage s]vic]s committ$ to und]tak+ loan modifications2 & 7,i7 inve/ors 9 mortgage securitizations are or %\ld be aw>e ( s]vic]s' ?9 capitalization1 liquidity con/ra9ts1 ! ext5t & hi/ory ( s]vic+ regulation & !re=e d n h a reasonable expectation t ! t]ms ( s]vic+ contracts w be en=ceable at times ( national f9ancial crisis4 7#d7 ,det]m9ation ,x is ! s5se ( ! ,congress t1 on ! basis ( ! f9d+s describ$ "u p>agraphs 7#a71 7#b71 & 7#c71 ! ,congress det]m9es t ! provisions ( ?is ,act are necess>y & prop] = ! purpose ( c>ry+ into execution ! p[]s ( ! ,congress to regulate comm]ce among ! sev]al ,/ates & to e/abli% uni=m bankruptcy laws4 7b7 ,prohibition on =eclosures & repossessions dur+ ! ,,covid-#ai em]g5cy 7#a7 ,prohibition on =eclosures ,! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfja et seq47 is am5d$-- 7,a7 9 section #c 7#ab ,u4,s4,c4 #bfjb7-- 7i7 9 p>agraph 7#h71 by /rik+ & at ! end2 7ii7 9 p>agraph 7#i71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7iii7 by add+ at ! end ! foll[+3 7#aj7 ! t]m ,,covid-#ai em]g5cy means ! p]iod t beg9s ^u ! date ( ! enactm5t ( ?is ,act & ends on ! date ( ! t]m9ation by ! ,f$]al ,em]g5cy ,managem5t ,ag5cy ( ! em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by ! ,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 #daba et seq47 relat+ to ! ,coronavirus ,disease #bjai 7,,covid-#ai7 p&emic4 2 & 7,b7 9 section #f7k77#a7 7#ab ,u4,s4,c4 #bfje7k77#a77-- 7i7 9 subp>agraph 7,d71 by /rik+ or at ! end2 7ii7 by r$esignat+ subp>agraph 7,e7 z subp>agraph 7,g72 & 7iii7 by ins]t+ aft] subp>agraph 7,d7 ! foll[+3 7,e7 comm5ce or cont9ue any judicial =eclosure action or non-judicial =eclosure process or any action to evict a consum] foll[+ a =eclosure dur+ ! ,,covid-#ai em]g5cy or ! #ahj-;day p]iod foll[+ su* em]g5cy 7except t su* prohibition %all n apply to a mortgage secur$ by a dwell+ t ! s]vic] has det]m9$ aft] ex]cis+ reasonable dilig5ce is vacant or ab&on$72 7,f7 fail to toll ! "t 9 a =eclosure process on a prop]ty dur+ ! ,,covid-#ai em]g5cy or ! #ahj-;day p]iod foll[+ su* em]g5cy 7except t su* prohibition %all n apply to a mortgage secur$ by a dwell+ t ! s]vic] has det]m9$ aft] ex]cis+ reasonable dilig5ce is vacant or ab&on$72 or 4 7#b7 ,repossession prohibition ,dur+ ! ,,covid-#ai em]g5cy & = ! #ahj-;day p]iod foll[+ su* em]g5cy1 a s]vic] ( a consum] loan secur$ by a manufactur$ home or a motor vehicle may n repossess su* home or vehicle4 7c7 ,=be>ance ( resid5tial mortgage loan paym5ts = s+le family prop]ties 7#a-d units7 ,section #f ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfje7 is am5d$ by add+ at ! end ! foll[+3 7n7 ,=be>ance dur+ ! ,,covid-#ai em]g5cy 7#a7 ,consum] "r to reque/ a =be>ance 7,a7 ,reque/ = =be>ance ,a borr[] exp]i5c+ a f9ancial h>d%ip dur+ ! ,,covid-#ai em]g5cy may reque/ =be>ance f any mortgage obligation1 reg>dless ( del9qu5cy /atus1 by submitt+ a reque/ to ! borr[]'s s]vic]1 ei!r orally or 9 writ+1 affirm+ t ! borr[] is exp]i5c+ h>d%ip dur+ ! ,,covid-#ai em]g5cy4 ,a borr[] %all n be requir$ to provide any additional docum5tation to receive su* =be>ance4 7,b7 ,l5g? ( =be>ance2 ext5sion ,a =be>ance reque/$ pursuant to subp>agraph 7,a7 %all be provid$ = a p]iod ( #ahj days1 & may be ext5d$ ^u reque/ ( ! borr[] = an additional #ahj days4 7,c7 ,treatm5t ( t5ants ,a borr[] receiv+ a =be>ance "u ?is subsection ) respect to a mortgage secur$ by a dwell+ t has t5ants1 :e!r or n ! borr[] also lives 9 ! dwell+1 %all provide ! t5ants ) r5t relief = a p]iod n less ?an ! p]iod cov]$ by ! =be>ance4 7#b7 ,automatic =be>ance = del9qu5t borr[]s 7,a7 ,9 g5]al ,not)/&+ any o!r law gov]n+ =be>ance relief1 dur+ ! ,,covid-#ai em]g5cy1 any borr[] :o is or becomes #fj days or m del9qu5t on a mortgage obligation %all automatically be grant$ a #ahj-;day =be>ance1 :i* may be ext5d$ ^u reque/ ( ! borr[] = an additional #ahj days4 ,su* a borr[] may elect to cont9ue mak+ regul> paym5ts by notify+ ! s]vic] ( ! mortgage obligation ( su* election4 7,b7 ,notice to borr[] ,! s]vic] ( a mortgage obligation plac$ 9 =be>ance pursuant to subp>agraph 7,a7 %all provide ! borr[] writt5 notification ( ! =be>ance & its duration z well z in=mation ab\t available loss mitigation options & ! "r to end ! =be>ance & resume mak+ regul> paym5ts4 7,c7 ,treatm5t ( paym5ts dur+ =be>ance ,any paym5ts made by ! borr[] dur+ ! =be>ance p]iod %all be cr$it$ to ! borr[]'s acc\nt 9 accordance ) section #abi;,f ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;f7 or z ! borr[] may o!rwise in/ruct t is consi/5t ) ! t]ms ( ! mortgage loan contract4 7#c7 ,requirem5ts = s]vic]s 7,a7 ,notification 7i7 ,9 g5]al ,ea* s]vic] ( a f$]ally relat$ mortgage loan %all notify ! borr[] ( _! "r to reque/ =be>ance "u p>agraph 7#a7-- 7,i7 n lat] ?an #ad days aft] ! date ( enactm5t ( ?is subsection2 & 7,,ii7 until ! end ( ,,covid-#ai em]g5cy-- 7aa7 on ea* p]iodic /atem5t provid$ to ! borr[]2 & 7bb7 9 any oral or writt5 communication by ! s]vic] ) or to ! borr[]4 7ii7 ,mann] ( notification 7,i7 ,writt5 notification ,any writt5 notification requir$ "u ?is section-- 7aa7 %all be provid$-- 7,,aa7 9 ,engli% & ,spani% & 9 any additional languages 9 :i* ! s]vic] communicates1 includ+ ! language 9 :i* ! loan 0 negotiat$1 to ! ext5t kn[n by ! s]vic]2 & 7,,bb7 at lea/ z cle>ly & conspicu\sly z ! mo/ cle> & conspicu\s disclosure on ! docum5t2 7bb7 %all include ! notification ( ! availability ( language assi/ance & h\s+ c\nsel+ produc$ by ! ,f$]al ,h\s+ ,f9ance ,ag5cy "u subsection 7o72 & 7cc7 may be provid$ by fir/-class mail or electronically1 if ! borr[] has o!rwise cons5t$ to electronic communication ) ! s]vic] & has n revok$ su* cons5t4 7,,ii7 ,oral notification ,any oral notification requir$ "u clause 7i7 %all be provid$ 9 ! language ! s]vic] o!rwise uses to communicate ) ! borr[]4 7,,iii7 ,writt5 translations ,9 provid+ writt5 notifications 9 languages o!r ?an ,engli% "u subclause 7,i71 a s]vic] may rely on writt5 translations develop$ by ! ,f$]al ,h\s+ ,f9ance ,ag5cy or ! ,bureau4 7,b7 ,o!r requirem5ts 7i7 ,=be>ance requir$ ,^u receiv+ a reque/ = =be>ance f a consum] "u p>agraph 7#a7 or plac+ a borr[] 9 automatic =be>ance "u p>agraph 7#b71 a s]vic] %all provide ! =be>ance = n less ?an #ahj days1 & an additional #ahj days at ! reque/ ( ! borr[]1 provid$ t ! borr[] w h ! option to discont9ue ! =be>ance at any "t4 7ii7 ,prohibition on fees1 p5alties1 & int]e/ ,dur+ ! p]iod ( a =be>ance "u ?is subsection1 no fees1 p5alties or additional int]e/ beyond ! am\nts s*$ul$ or calculat$ z if ! borr[] made all contractual paym5ts on "t & 9 full "u ! t]ms ( ! mortgage contract 9 effect at ! "t ! borr[] ent]s into ! =be>ance %all accrue4 7iii7 ,treatm5t ( escr[ paym5ts ,if a borr[] 9 =be>ance "u ?is subsection is requir$ to make paym5ts to an escr[ acc\nt1 ! s]vic] %all pay or advance ! escr[ disbursem5ts 9 a timely mann] 7def9$ z on or be=e ! deadl9e to avoid a p5alty71 reg>dless ( ! /atus ( ! borr[]'s paym5ts4 ,! s]vic] may collect any result+ escr[ %ortage or defici5cy f ! borr[] aft] ! =be>ance p]iod ends1 9 a lump sum paym5t1 spread ov] #fj mon?s1 or capitaliz$ into ! loan1 at ! borr[]'s election4 4 7d7 ,notification ( language assi/ance & h\s+ c\nsel+ ,section #f ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfje71 z am5d$ by subsection 7c71 is fur!r am5d$ by add+ at ! end ! foll[+3 7o7 ,notification ( language assi/ance & h\s+ c\nsel+ 7#a7 ,9 g5]al ,! ,f$]al ,h\s+ ,f9ance ,ag5cy %all1 )9 #cj days ( ! date ( enactm5t ( ?is ,act1 make available a docum5t provid+ notice ( ! availability ( language assi/ance & h\s+ c\nsel+ 9 sub/antially ! same =m1 & 9 at lea/ ! same languages1 z ! exi/+ ,language ,translation ,disclosure4 7#b7 ,m9imum requirem5t ,! docum5t describ$ "u subsection 7a7 %all include ! notice 9 at lea/ all ! languages = :i* ,f$]al ,h\s+ ,f9ance ,ag5cy curr5tly has translations on its exi/+ ,language ,translation ,disclosure available4 7#c7 ,provision to s]vic]s ,! ,f$]al ,h\s+ ,f9ance ,ag5cy %all make ?is docum5t available to s]vic]s to fulfill _! requirem5ts "u subsection 7n74 4 7e7 ,unit$ ,/ates ,dep>tm5t ( ,agriculture ,direct ,loan ,program ,section #eje ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adge7 is am5d$-- 7#a7 by r$esignat+ subsection 7b7 z subsection 7c72 & 7#b7 by ins]t+ aft] subsection 7a7 ! foll[+3 7b7 ,loan modification 7#a7 ,9 g5]al ,! ,secret>y %all implem5t a loan modification program to modify ! t]ms ( out/&+ loans = borr[]s :o face f9ancial h>d%ip4 7#b7 ,af=dable paym5ts ,! ,secret>y's loan modification program "u p>agraph 7#a7 %all be design$ s z to provide af=dable paym5ts = borr[]s4 ,9 def9+ af=dable paym5ts ! ,secret>y %all consult def9itions ( af=dability promulgat$ by ! ,f$]al ,h\s+ ,f9ance ,au?ority1 ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 & ! ,bureau ( ,consum] ,f9ancial ,protection4 7#c7 ,additional program requirem5ts ,! ,secret>y's loan modification program "u p>agraph 7#a7 %all all[ = measures includ+ ext5sion ( ! rema9+ loan t]m to up to #dhj mon?s & a r$uction 9 int]e/ rate to ! m>ket int]e/ rate z def9$ by regulations ( ! ,secret>y4 ,! modification program %all be available = borr[]s 9 a moratorium & = borr[]s n already 9 a moratorium :o qualify "u ! t]ms e/abli%$ by ! ,secret>y4 ,! ,secret>y may also e/abli% reasonable additional measures = provid+ af=dable loan modifications to borr[]s4 2 7#c7 9 subsection 7c71 z s r$esignat$1 by add+ at ! end ! foll[+3 ,accel]ation ( ! promissory note & initiation ( =eclosure proce$+s %all n t]m9ate a borr[]'s eligibility = a moratorium1 loan reamortization1 special s]vic+1 or o!r =eclosure alt]native42 & 7#d7 by add+ at ! end ! foll[+3 7d7 ,requirem5t ,! ,secret>y %all comply ) subsection 7k77#a71 7n71 & 7o7 ( section #f ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd ) respect to any s+le-family loans x holds or s]vices4 4 7f7 ,=be>ance ( resid5tial mortgage loan paym5ts = multifamily prop]ties 7#e units7 7#a7 ,9 g5]al ,dur+ ! ,,covid-#ai em]g5cy1 a multifamily borr[] exp]i5c+ a f9ancial h>d%ip due1 directly or indirectly1 to ! ,,covid-#ai em]g5cy may reque/ a =be>ance "u ! t]ms set =? 9 ?is section4 7#b7 ,reque/ = relief ,a multifamily borr[] may submit a reque/ = =be>ance "u p>agraph 7#a7 to ! borr[]'s s]vic]1 ei!r orally or 9 writ+1 affirm+ t ! multifamily borr[] is exp]i5c+ h>d%ip dur+ ! ,,covid-#ai em]g5cy4 7#c7 ,=be>ance p]iod 7,a7 ,9 g5]al ,^u receipt ( an oral or writt5 reque/ = =be>ance f a multifamily borr[]1 a s]vic] %all-- 7i7 docum5t ! f9ancial h>d%ip2 7ii7 provide ! =be>ance = n less ?an #ahj days2 & 7iii7 provide ! =be>ance = an additional #ahj days ^u ! reque/ ( ! borr[] at lea/ #cj days prior to ! end ( ! =be>ance p]iod describ$ "u subp>agraph 7,a74 7,b7 ,"r to discont9ue ,a multifamily borr[] %all h ! option to discont9ue ! =be>ance at any "t4 7#d7 ,r5t] protections ,dur+ ! t]m ( a =be>ance "u ?is section1 a multifamily borr[] may n-- 7,a7 evict a t5ant = nonpaym5t ( r5t2 or 7,b7 apply or accrue any fees or o!r p5alties on r5t]s = nonpaym5t ( r5t4 7#e7 ,obligation to br+ ! loan curr5t ,a multifamily borr[] %all br+ a loan plac$ 9 =be>ance "u ?is section curr5t )9 ! e>li] (-- 7,a7 #ab mon?s aft] ! conclusion ( ! =be>ance p]iod2 or 7,b7 receipt ( any bus9ess int]ruption insurance proce$s by ! multifamily borr[]4 7#f7 ,def9ition ,= ! purposes ( ?is subsection1 ! t]m multifamily borr[] means a borr[] ( a resid5tial mortgage loan t is secur$ by a li5 aga9/ a prop]ty compris+ five or m dwell+ units4 7g7 ,f$]al ,res]ve cr$it facility = mortgage s]vic]s 7#a7 ,9 g5]al ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,secret>y ( ! ,treasury1 pursuant to ! au?ority grant$ "u section #ac7c7 ( ! ,f$]al ,res]ve ,act1 directly 7or indirectly ?r\gh an int]m$i>y1 su* z ! ,f$]al ,national ,mortgage ,association1 ! ,f$]al ,home ,loan ,mortgage ,corporation1 ! ,gov]nm5t ,national ,mortgage ,association1 an insur$ depository in/itution1 non-depository l5d+ in/itution1 or a special purpose vehicle7-- 7,a7 %all ext5d cr$it to mortgage s]vic]s & o!r obligat$ advanc+ p>ties t 9 ea* case h liquidity ne$s due to ! ,,covid-#ai em]g5cy or compliance ) ?is ,act ) respect to mortgage loans 7! affect$ mortgages72 & 7,b7 may ext5d fur!r cr$it to mortgage s]vic]s = o!r liquidity ne$s due to ! actual or imm95t del9qu5cy or default on mortgage loans due to ! ,,covid-#ai em]g5cy4 7#b7 ,non-compliant s]vic]s ,a mortgage s]vic] %all n be eligible = assi/ance "u p>agraph 7#a7 if ! provid] is 9 violation ( any requirem5t "u ?is ,act1 & fails to promptly cure any su* violation ^u notice or discov]y !re(4 7#c7 ,paym5ts & pur*ases ,cr$it ext5d$ "u p>agraph 7#a77;,a7 %all be 9 an am\nt suffici5t to-- 7,a7 cov]-- 7i7 ! pass-?r\gh paym5t ( pr9cipal & int]e/ to mortgage-back$ securities hold]s2 7ii7 ! paym5t ( taxes & insurance to ?ird p>ties2 & 7iii7 ! tempor>y reimbursem5t ( modification co/s & fees due to s]vic]s t w be def]r$ until su* "t z a =be>ance p]iod t]m9ates1 due 9 ea* case on1 or 9 respect (1 su* affect$ mortgage loans or relat$ mortgage-back$ securities2 & 7,b7 pur*ase affect$ mortgages f pools ( securitiz$ mortgages4 7#d7 ,collat]al ,! cr$it au?oriz$ by ?is section %all be secur$ by ! pl$gor's int]e/ 9 acc\nts receivable1 loans1 or relat$ int]e/s result+ f ! paym5t advances made on ! affect$ mortgages by ! mortgage s]vic]s4 7#e7 ,cr$it support ,! ,secret>y ( ! ,treasury %all provide cr$it support to ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em = ! program requir$ by ?is section4 7#f7 ,conflict ) o!r laws ,not)/&+ any ,f$]al or ,/ate law to ! contr>y1 ! ,f$]al ,national ,mortgage ,association1 ! ,f$]al ,home ,loan ,mortgage ,corporation1 & ! ,gov]nm5t ,national ,mortgage ,association may p]mit ! pl$ge or grant ( a security int]e/ 9 ! pl$gor's int]e/ 9 su* acc\nts receivable or loans or relat$ int]e/s & honor or p]mit ! en=cem5t ( su* pl$ge or grant 9 accordance ) its t]ms4 7#g7 ,duration ,! ext5sion ( cr$it by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & cr$it support f ! ,secret>y ( ! ,treasury "u ?is section %all be available until ! lat] (-- 7,a7 #f mon?s aft] ! end ( ! ,,covid-#ai em]g5cy2 & 7,b7 ! date on :i* ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,secret>y ( ! ,treasury det]m9e su* cr$it & cr$it support %\ld no long] be available to address ! liquidity conc]n address$ by ?is section4 7#h7 ,am5dm5ts to ,national ,h\s+ ,act ,section #cjf7;g77#a7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agba7;g77#a77 is am5d$-- 7,a7 by ins]t+ ! foll[+ new s5t5ce aft] ! f\r? s5t5ce 9 ! p>agraph3 ,9 any case 9 :i* 7,i7 ! ,presid5t decl>es a major disa/] or em]g5cy = ! ,nation or any area t 9 ei!r case has be5 affect$ by damage or o!r adv]se effects ( suffici5t sev]ity & magnitude to w>rant major disa/] assi/ance "u ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act or o!r ,f$]al law1 7,,ii7 ^u reque/ ( an ,issu] ( any security1 ! ,association elects to ext5d to ! ,issu] "o or m ( ! disa/] assi/ance or em]g5cy programs t ! ,association det]m9es to be available to acc\nt = ! ,issu]'s failure or anticipat$ failure to receive f ! mortgagor ! full am\nt ( pr9cipal & int]e/ due1 !n 7,,iii7 ! ,association may elect n to decl>e ! ,issu] to be 9 default because ( su* reque/ = su* disa/] or em]g5cy assi/ance42 7,b7 by ins]t+ aft] ! ^w issu$ 9 ! six? s5t5ce1 z r$esignat$1 ! foll[+3 subject to any pl$ge or grant ( security int]e/ ( ! pl$gor's int]e/ 9 & to any su* mortgage or mortgages or any int]e/ !re9 & ! proce$s !reon1 :i* ! ,association may elect to approve22 & 7,c7 by ins]t+ aft] ! ^w issu$ 9 ! sev5? s5t5ce1 z r$esignat$1 ! foll[+3 1 or 7,d7 its approval & honor+ ( any pl$ge or grant ( security int]e/ ( ! pl$gor's int]e/ 9 & to any su* mortgage or mortgages or any int]e/ !re9 & proce$s !reon44 7h7 ,safe h>bor 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 :5ev] a s]vic] ( resid5tial mortgages ( resid5tial mortgage-back$ securities-- 7,a7 grants a borr[] relief "u section #f7n7 & #f7p7 ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd ) respect to a resid5tial mortgage orig9at$ be=e ,april #a1 #bjbj1 includ+ a mortgage held 9 a securitization or o!r inve/m5t vehicle2 & 7,b7 ! s]vic] or tru/ee or issu] owes a duty to inve/ors or o!r p>ties reg>d+ ! /&>d = s]vic+ su* mortgage1 ! s]vic] %all be deem$ to h satisfi$ su* a duty1 & ! s]vic] %all n be liable to any p>ty :o is ow$ su* a duty & %all n be subject to any injunction1 /ay1 or o!r equitable relief to su* p>ty1 bas$ ^u its good fai? compliance ) ! provisions ( #f7n7 & #f7p7 ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd4 ,any p]son1 includ+ a tru/ee or issu]1 :o coop]ates ) a s]vic] :5 su* coop]ation is necess>y = ! s]vic] to implem5t ! provisions ( #f7n7 & #f7p7 ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd %all be protect$ f liability 9 ! same mann]4 7#b7 ,/&>d indu/ry practice ,compliance ) #f7n7 & #f7p7 ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd dur+ ! ,,covid-#ai em]g5cy %all con/itute /&>d indu/ry practice = purposes ( all ,f$]al & ,/ate laws4 7#c7 ,def9itions ,z us$ 9 ?is subsection-- 7,a7 ! t]m s]vic] has ! mean+ giv5 t t]m "u section #f7;i77#b7 ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfje7;i77#b772 & 7,b7 ! t]m securitization vehicle has ! mean+ giv5 t t]m "u section #abi;,a7f77#c7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;a7f77#c774 7#d7 ,rule ( con/ruction ,no provision ( p>agraph 7#a7 or 7#b7 %all be con/ru$ z affect+ ! liability ( any s]vic] or p]son = actual fraud 9 s]vic+ ( a loan or = ! violation ( a ,/ate or ,f$]al law4 7i7 ,po/-,p&emic mortgage repaym5t options ,section #f ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfje71 z am5d$ by subsection 7d71 is fur!r am5d$ by add+ at ! end ! foll[+3 7p7 ,po/-,p&emic mortgage repaym5t options ,) respect to a f$]ally relat$ resid5tial mortgage loan1 be=e ! end ( any =be>ance provid$ "u subsection 7n71 s]vic]s %all-- 7#a7 evaluate ! borr[]'s ability to return to mak+ regul> mortgage paym5ts2 7#b7 if ! borr[] is able to return to mak+ regul> mortgage paym5ts at ! end ( ! =be>ance p]iod-- 7,a7 modify ! borr[]'s loan to ext5d ! t]m = ! same p]iod z ! l5g? ( ! =be>ance1 ) all paym5ts t 7 n made dur+ ! =be>ance di/ribut$ at ! same int]vals z ! borr[]'s exi/+ paym5t s*$ule & ev5ly di/ribut$ across ^? int]vals1 ) no p5alties1 late fees1 additional int]e/ accru$ beyond ! am\nts s*$ul$ or calculat$ z if ! borr[] made all contractual paym5ts on "t & 9 full "u ! t]ms ( ! mortgage contract 9 effect at ! "t ! borr[] ent]$ into ! =be>ance1 & ) no modification fee *>g$ to ! borr[]2 or 7,b7 if ! borr[] elects to modify ! loan to capitalize a result+ escr[ %ortage or defici5cy1 ! s]vic] may modify ! borr[]'s loan by re-amortiz+ ! pr9cipal balance & ext5d+ ! t]m ( ! loan suffici5t to ma9ta9 ! regul> mortgage paym5ts2 & 7,c7 notify ! borr[] 9 writ+ ( ! ext5sion1 includ+ provision ( a new paym5t s*$ule & date ( maturity1 & t ! borr[] %all h ! election ( prepay+ ! susp5d$ paym5ts at any "t1 9 a lump sum or o!rwise2 7#c7 if ! borr[] is f9ancially unable to return to mak+ p]iodic mortgage paym5ts z provid$ = 9 ! mortgage contract at ! end ( ! ,,covid-#ai em]g5cy-- 7,a7 evaluate ! borr[] = all loan modification options1 )\t reg>d to :e!r ! borr[] has previ\sly reque/$1 be5 (f]$1 or provid$ a loan modification or o!r loss mitigation option & )\t any requirem5t t ! borr[] come curr5t be=e su* evaluation or z a condition ( eligibility = su* modification1 includ+-- 7i7 fur!r ext5d+ ! borr[]'s repaym5t p]iod2 7ii7 r$uc+ ! pr9cipal balance ( ! loan2 or 7iii7 o!r modification or loss mitigation options available to ! s]vic] "u ! t]ms ( any inve/or requirem5ts & exi/+ laws & policies2 & 7,b7 if ! borr[] qualifies = su* a modification1 ! s]vice %all (f] a loan ) su* t]ms z to provide a loan ) su* t]ms z to provide an af=dable paym5t1 ) no p5alties1 late fees1 additional int]e/ beyond ! am\nts s*$ul$ or calculat$ z if ! borr[] made all contractual paym5ts on "t & 9 full "u ! t]ms ( ! mortgage contract 9 effect at ! "t ! borr[] ent]$ into ! =be>ance1 & ) no modification fees *>g$ to ! borr[]2 & 7#d7 if a borr[] is grant$ a =be>ance on paym5ts t w\ld be ow$ pursuant to a trial loan modification plan-- 7,a7 any =be>ance ( paym5ts %all n be treat$ z miss$ or del9qu5t paym5ts or o!rwise negatively affect ! borr[]'s ability to complete _! trial plan2 7,b7 any pa/ due am\nts z ( ! end ( ! trial p]iod1 includ+ unpaid int]e/1 real e/ate taxes1 insurance premiums1 & assessm5ts paid on ! borr[]'s behalf1 w be add$ to ! mortgage loan balance1 b only to ! ext5t t su* *>ges are n fees associat$ ) ! grant+ ( ! =be>ance1 su* z late fees1 modification fees1 or unpaid int]e/ f ! p]iod ( ! =be>ance beyond ! am\nts s*$ul$ or calculat$ z if ! borr[] made all contractual paym5ts on "t & 9 full "u ! t]ms ( ! mortgage contract 9 effect at ! "t ! borr[] ent]$ into ! =be>ance2 & 7,c7 if ! borr[] is unable to resume paym5ts on ! trial modification at ! end ( ! =be>ance p]iod1 re-evaluate ! borr[] = all available loan modifications "u p>agraph #c1 )\t any requirem5t t ! borr[] become curr5t be=e su* evaluation or z a condition ( eligibility = su* modification4 4 7j7 ,claims ( affect$ inve/ors & o!r p>ties ,any action ass]t+ a tak+ "u ! ,fif? ,am5dm5t to ! ,con/itution ( ! ,unit$ ,/ates z a result ( ?is subsection %all be br\ght n lat] ?an #ahj days aft] ! end ( ! ,,covid-#ai em]g5cy4 7k7 ,ext5sion ( ! ,,gse ,pat* ,! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection %all revise section #ajbf4dc7;e77#d77;iii77,b7 ( title #ab1 ,code ( ,f$]al ,regulations1 to ext5d ! sunset ( ! special rule provid$ "u su* section #ajbf4dc7;e77#d7 until ,janu>y #a1 #bjbb1 or su* lat] date z may be det]m9$ by ! ,bureau4 7l7 ,def9itions ,9 ?is section3 7#a7 ,,covid-#ai em]g5cy ,! t]m ,,covid-#ai em]g5cy means ! p]iod t beg9s ^u ! date ( ! enactm5t ( ?is ,act & ends on ! date ( ! t]m9ation by ! ,f$]al ,em]g5cy ,managem5t ,ag5cy ( ! em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by ! ,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 #daba et seq47 relat+ to ! ,coronavirus ,disease #bjai 7,,covid-#ai7 p&emic4 7#b7 ,manufactur$ home ,! t]m manufactur$ home has ! mean+ giv5 t t]m "u section #fjc ( ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edjb74 7#c7 ,motor vehicle ,! t]m motor vehicle has ! mean+ giv5 t t]m "u ,section #ajbi7;f7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeai7;f774 7#d7 ,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 resid5ce consi/+ ( a s+le dwell+ unit t is occupi$ by ! mortgagor4