,i #aafth ,,congress #b;d ,session ,h4 ,r4 #fgda ,,in ,,the ,,house ,,of ,,representatives ,may #h1 #bjbj,mr4 ,clay 7for himself1 ,ms4 ,waters1 ,mr4 ,lawson of ,florida1 ,ms4 ,norton1 ,mr4 ,green of ,texas1 ,mr4 ,lynch1 ,mr4 ,garca of ,illinois1 ,mr4 ,smith of ,washington1 ,mrs4 ,hayes1 ,mr4 ,khanna1 ,mr4 ,brown of ,maryland1 ,miss ,rice of ,new ,york1 ,mr4 ,hastings1 ,mr4 ,espaillat1 ,mr4 ,sherman1 ,mr4 ,carson of ,indiana1 ,mr4 ,sires1 ,ms4 ,schakowsky1 ,mr4 ,meeks1 ,mr4 ,higgins of ,new ,york1 ,mr4 ,cohen1 ,ms4 ,roybal-,allard1 ,ms4 ,judy ,chu of ,california1 ,mr4 ,soto1 and ,ms4 ,gabbard7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on the ,judiciary1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,,cares ,act to provide forbearance and foreclosure moratoriums for all mortgage loans1 and for other purposes4 #a4 ,mortgage relief 7a7 ,short title ,this section may be cited as the ,,covid-#ai ,mortgage ,relief ,act4 7b7 ,mortgage relief 7#a7 ,forbearance and foreclosure moratorium for covered mortgage loans ,section #djbb of the ,,cares ,act 7#ae ,u4,s4,c4 #ijef7 is amended-- 7,a7 by striking ,federally backed mortgage loan each place such term appears and inserting covered mortgage loan2 and 7,b7 in subsection 7a7-- 7i7 by amending paragraph 7#b7 to read as follows3 7#b7 ,covered mortgage loan ,the term covered mortgage loan means any credit transaction that is secured by a mortgage1 deed of trust1 or other equivalent consensual security interest on a #a- to #d-unit dwelling or on residential real property that includes a #a- to #d-unit dwelling1 except that it shall not include a credit transaction under an open end credit plan other than a reverse mortgage4 2 and 7ii7 by adding at the end the following3 7#c7 ,covered period ,with respect to a loan1 the term covered period means the period beginning on the date of enactment of this ,act and ending #ab months after such date of enactment4 4 7#b7 ,automatic forbearance for delinquent borrowers ,section #djbb7;c7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijef7;c771 as amended by paragraph 7#e7 of this subsection1 is further amended by adding at the end the following3 7#i7 ,automatic forbearance for delinquent borrowers 7,a7 ,in general ,notwithstanding any other law governing forbearance relief-- 7i7 any borrower whose covered mortgage loan became #fj days delinquent between ,march #ac1 #bjbj1 and the date of enactment of this paragraph1 and who has not already received a forbearance under subsection 7b71 shall automatically be granted a #fj-;day forbearance that begins on the date of enactment of this paragraph1 provided that a borrower shall not be considered delinquent for purposes of this paragraph while making timely payments or otherwise performing under a trial modification or other loss mitigation agreement2 and 7ii7 any borrower whose covered mortgage loan becomes #fj days delinquent between the date of enactment of this paragraph and the end of the covered period1 and who has not already received a forbearance under subsection 7b71 shall automatically be granted a #fj-;day forbearance that begins on the #fjth day of delinquency1 provided that a borrower shall not be considered delinquent for purposes of this paragraph while making timely payments or otherwise performing under a trial modification or other loss mitigation agreement4 7,b7 ,initial extension ,an automatic forbearance provided under subparagraph 7,a7 shall be extended for up to an additional #abj days upon the borrower's request1 oral or written1 submitted to the borrower's servicer affirming that the borrower is experiencing a financial hardship that prevents the borrower from making timely payments on the covered mortgage loan due1 directly or indirectly1 to the ,,covid-#ai emergency4 7,c7 ,subsequent extension ,a forbearance extended under subparagraph 7,b7 shall be extended for up to an additional #ahj days1 up to a maximum of #cfj days 7including the period of automatic forbearance71 upon the borrower's request1 oral or written1 submitted to the borrower's servicer affirming that the borrower is experiencing a financial hardship that prevents the borrower from making timely payments on the covered mortgage loan due1 directly or indirectly1 to the ,,covid-#ai emergency4 7,d7 ,right to elect to continue making payments ,with respect to a forbearance provided under this paragraph1 the borrower of such loan may elect to continue making regular payments on the loan4 ,a borrower who makes such election shall be offered a loss mitigation option pursuant to subsection 7d7 within #cj days of resuming regular payments to address any payment deficiency during the forbearance4 7,e7 ,right to shorten forbearance ,at a borrower's request1 any period of forbearance provided under this paragraph may be shortened4 ,a borrower who makes such a request shall be offered a loss mitigation option pursuant to subsection 7d7 within #cj days of resuming regular payments to address any payment deficiency during the forbearance4 7#aj7 ,automatic forbearance for certain reverse mortgage loans 7,a7 ,in general ,when any covered mortgage loan which is also a federally insured reverse mortgage loan1 during the covered period1 is due and payable due to the death of the last borrower or end of a deferral period or eligible to be called due and payable due to a property charge default1 or if the borrower defaults on a property charge repayment plan1 or if the borrower defaults for failure to complete property repairs1 or if an obligation of the borrower under the ,security ,instrument is not performed1 the mortgagee automatically shall be granted a six-month extension of-- 7i7 the mortgagee's deadline to request due and payable status from the ,department of ,housing and ,urban ,development2 7ii7 the mortgage's deadline to send notification to the mortgagor or his or her heirs that the loan is due and payable2 7iii7 the deadline to initiate foreclosure2 7iv7 any reasonable diligence period related to foreclosure or the ,mortgagee ,optional ,election2 7v7 if applicable1 the deadline to obtain the due and payable appraisal2 and 7vi7 any claim submission deadline1 including the #f-month acquired property marketing period4 7,b7 ,forbearance period ,the mortgagee shall not request due and payable status from the ,secretary of ,housing and ,urban ,development nor initiate foreclosure during this six-month period described under subparagraph 7,a71 which shall be considered a forbearance period4 7,c7 ,extension ,a forbearance provided under subparagraph 7,b7 and related deadline extension authorized under subparagraph 7,a7 shall be extended for an additional #ahj days upon-- 7i7 the borrower's request1 oral or written1 submitted to the borrower's servicer affirming that the borrower is experiencing a financial hardship that prevents the borrower from making payments on property charges1 completing property repairs1 or performing an obligation of the borrower under the ,security ,instrument due1 directly or indirectly1 to the ,,covid-#ai emergency2 7ii7 a non-borrowing spouse's request1 oral or written1 submitted to the servicer affirming that the non-borrowing spouse has been unable to satisfy all criteria for the ,mortgagee ,optional ,election program due1 directly or indirectly1 to the ,,covid-#ai emergency1 or to perform all actions necessary to become an eligible non-borrowing spouse following the death of all borrowers2 or 7iii7 a successor-in-interest of the borrower's request1 oral or written1 submitted to the servicer affirming the heir's difficulty satisfying the reverse mortgage loan due1 directly or indirectly1 to the ,,covid-#ai emergency4 7,d7 ,curtailment of debenture interest ,where any covered mortgage loan which is also a federally insured reverse mortgage loan is in default during the covered period and subject to a prior event which provides for curtailment of debenture interest in connection with a claim for insurance benefits1 the curtailment of debenture interest shall be suspended during any forbearance period provided herein4 4 7#c7 ,additional ,foreclosure and repossession protections ,section #djbb7;c7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijef7;c77 is amended-- 7,a7 in paragraph 7#b71 by striking may not initiate any judicial or non-judicial foreclosure process1 move for a foreclosure judgment or order of sale1 or execute a foreclosure-related eviction or foreclosure sale for not less than the #fj-;day period beginning on ,march #ah1 #bjbj and inserting may not initiate or proceed with any judicial or non-judicial foreclosure process1 schedule a foreclosure sale1 move for a foreclosure judgment or order of sale1 execute a foreclosure related eviction or foreclosure sale for six months after the date of enactment of the ,,covid-#ai ,,hero ,act2 and 7,b7 by adding at the end the following3 7#c7 ,repossession moratorium ,in the case of personal property1 including any recreational or motor vehicle1 used as a dwelling1 no person may use any judicial or non-judicial procedure to repossess or otherwise take possession of such property for six months after date of enactment of this paragraph4 4 7#d7 ,mortgage forbearance reforms ,section #djbb of the ,,cares ,act 7#ae ,u4,s4,c4 #ijef7 is amended-- 7,a7 in subsection 7b71 by striking paragraphs 7#a71 7#b71 and 7#c7 and inserting the following3 7#a7 ,in general ,during the covered period1 a borrower with a covered mortgage loan who has not obtained automatic forbearance pursuant to this section and who is experiencing a financial hardship that prevents the borrower from making timely payments on the covered mortgage loan due1 directly or indirectly1 to the ,,covid-#ai emergency may request forbearance on the loan1 regardless of delinquency status1 by-- 7,a7 submitting a request1 orally or in writing1 to the servicer of the loan2 and 7,b7 affirming that the borrower is experiencing a financial hardship that prevents the borrower from making timely payments on the covered mortgage loan due1 directly or indirectly1 to the ,,covid-#ai emergency4 7#b7 ,duration of forbearance 7,a7 ,in general ,upon a request by a borrower to a servicer for forbearance under paragraph 7#a71 such forbearance shall be granted by the servicer for the period requested by the borrower1 up to an initial length of #ahj days1 the length of which shall be extended by the servicer1 at the request of the borrower for the period or periods requested1 for a total forbearance period of up to #ab months4 7,b7 ,minimum forbearance amounts ,for purposes of granting a forbearance under this paragraph1 a servicer may grant an initial forbearance with a term of not less than #ij days1 provided that it is automatically extended for an additional #ij days unless the servicer confirms the borrower does not want to renew the forbearance or that the borrower is no longer experiencing a financial hardship that prevents the borrower from making timely mortgage payments due1 directly or indirectly1 to the ,,covid-#ai emergency4 7,c7 ,right to shorten forbearance ,at a borrower's request1 any period of forbearance described under this paragraph may be shortened4 ,a borrower who makes such a request shall be offered a loss mitigation option pursuant to subsection 7d7 within #cj days of resuming regular payments to address any payment deficiency during the forbearance4 7#c7 ,accrual of interest or fees ,a servicer shall not charge a borrower any fees1 penalties1 or interest 7beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract7 in connection with a forbearance1 provided that a servicer may offer the borrower a modification option at the end of a forbearance period granted hereunder that includes the capitalization of past due principal and interest and escrow payments as long as the borrower's principal and interest payment under such modification remains at or below the contractual principal and interest payments owed under the terms of the mortgage contract before such forbearance period except as the result of a change in the index of an adjustable rate mortgage4 7#d7 ,communication with servicers ,any communication between a borrower and a servicer described under this section may be made in writing or orally1 at the borrower's choice4 7#e7 ,communication with borrowers with a disability ,upon request from a borrower1 servicers shall communicate with borrowers who have a disability in the borrower's preferred method of communication4 ,for purposes of this paragraph1 the term disability has the meaning given that term in the ,fair ,housing ,act1 the ,americans with ,disabilities ,act of #aiij1 or the ,rehabilitation ,act of #aigc4 2 and 7,b7 in subsection 7c71 by amending paragraph 7#a7 to read as follows3 7#a7 ,no documentation required ,a servicer of a covered mortgage loan shall not require any documentation with respect to a forbearance under this section other than the borrower's affirmation 7oral or written7 to a financial hardship that prevents the borrower from making timely payments on the covered mortgage loan due1 directly or indirectly1 to the ,,covid-#ai emergency4 ,an oral request for forbearance and oral affirmation of hardship by the borrower shall be sufficient for the borrower to obtain or extend a forbearance4 4 7#e7 ,other servicer requirements during forbearance ,section #djbb7;c7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijef7;c771 as amended by paragraph 7#c7 of this subsection1 is further amended by adding at the end the following3 7#d7 ,forbearance terms notice ,within #cj days of a servicer of a covered mortgage loan providing forbearance to a borrower under subsection 7b7 or paragraph 7#i7 or 7#aj71 or #aj days if the forbearance is for a term of less than #fj days1 but only where the forbearance was provided in response to a borrower's request for forbearance or when an automatic forbearance was initially provided under paragraph 7#i7 or 7#aj71 and not when an existing forbearance is automatically extended1 the servicer shall provide the borrower with a notice in accordance with the terms in paragraph 7#e74 7#e7 ,contents of notice ,the written notice required under paragraph 7#d7 shall state in plain language-- 7,a7 the specific terms of the forbearance2 7,b7 the beginning and ending dates of the forbearance2 7,c7 that the borrower is eligible for up to #ab months of forbearance2 7,d7 that the borrower may request an extension of the forbearance unless the borrower will have reached the maximum period at the end of the forbearance2 7,e7 that the borrower may request that the initial or extended period be shortened at any time2 7,f7 that the borrower should contact the servicer before the end of the forbearance period2 7,g7 a description of the loss mitigation options that may be available to the borrower at the end of the forbearance period based on the borrower's specific loan2 7,h7 information on how to find a housing counseling agency approved by the ,department of ,housing and ,urban ,development2 7,i7 in the case of a forbearance provided pursuant to paragraph 7#i7 or 7#aj71 that the forbearance was automatically provided and how to contact the servicer to make arrangements for further assistance1 including any renewal2 and 7,j7 where applicable1 that the forbearance is subject to an automatic extension including the terms of any such automatic extensions and when any further extension would require a borrower request4 7#f7 ,treatment of escrow accounts ,during any forbearance provided under this section1 a servicer shall pay or advance funds to make disbursements in a timely manner from any escrow account established on the covered mortgage loan4 7#g7 ,notification for borrowers ,during the period that begins #ij days after the date of the enactment of this paragraph and ends at the end of the covered period1 each servicer of a covered mortgage loan shall be required to-- 7,a7 make available in a clear and conspicuous manner on their web page accurate information1 in ,english and ,spanish1 for borrowers regarding the availability of forbearance as provided under subsection 7b72 and 7,b7 notify every borrower whose payments on a covered mortgage loan are delinquent in any oral communication with or to the borrower that the borrower may be eligible to request forbearance as provided under subsection 7b71 except that such notice shall not be required if the borrower already has requested forbearance under subsection 7b74 7#h7 ,certain treatment under ,,respa ,as long as a borrower's payment on a covered mortgage loan was not more than #cj days delinquent on ,march #ac1 #bjbj1 a servicer may not deem the borrower as delinquent while a forbearance granted under subsection 7b7 is in effect for purposes of the application of sections #f and #aj of the ,real ,estate ,settlement ,procedures ,act and any applicable regulations4 4 7#f7 ,post-forbearance loss mitigation 7,a7 ,amendment to ,,cares ,act ,section #djbb of the ,,cares ,act 7#ae ,u4,s4,c4 #ijef7 is amended by adding at the end the following3 7d7 ,post-,forbearance loss mitigation 7#a7 ,notice of availability of additional forbearance ,with respect to any covered mortgage loan as to which forbearance under this section has been granted and not otherwise extended1 including by automatic extension1 a servicer shall1 no later than #cj days before the end of the forbearance period1 in writing1 notify the borrower that additional forbearance may be available and how to request such forbearance1 except that no such notice is required where the borrower already has requested an extension of the forbearance period1 is subject to automatic extension pursuant to subsection 7b77#b77;,b71 or no additional forbearance is available4 7#b7 ,loss mitigation offer before expiration of forbearance ,no later than #cj days before the end of any forbearance period that has not been extended or #cj days after a request by a consumer to terminate the forbearance1 which time shall be before the servicer initiates or engages in any foreclosure activity listed in subsection 7c77#b71 including incurring or charging to a borrower any fees or corporate advances related to a foreclosure1 the servicer shall1 in writing-- 7,a7 offer the borrower a loss mitigation option1 without the charging of any fees or penalties other than interest1 such that the borrower's principal and interest payment remains the same as it was prior to the forbearance1 subject to any adjustment of the index pursuant to the terms of an adjustable rate mortgage1 and that either-- 7i7 defers the payment of total arrearages1 including any escrow advances1 to the end of the existing term of the loan1 without the charging or collection of any additional interest on the deferred amounts2 or 7ii7 extends the term of the mortgage loan1 and capitalizes1 defers1 or forgives all escrow advances and other arrearages1 provided1 however1 that the servicer may offer the borrower a loss mitigation option that reduces the principal and interest payment on the loan and capitalizes1 defers1 or forgives all escrow advances or arrearages if the servicer has information indicating that the borrower cannot resume the pre-forbearance mortgage payments2 and 7,b7 concurrent with the loss mitigation offer in subparagraph 7,a71 notify the borrower that the borrower has the right to be evaluated for other loss mitigation options if the borrower is not able to make the payment under the option offered in subparagraph 7,a74 7#c7 ,evaluation for loss mitigation prior to foreclosure initiation ,before a servicer may initiate or engage in any foreclosure activity listed in subsection 7c77#b71 including incurring or charging to a borrower any fees or corporate advances related to a foreclosure on the basis that the borrower has failed to perform under the loss mitigation offer in paragraph 7#b77;,a7 within the first #ij days after the option is offered1 including a failure to accept the loss mitigation offer in paragraph 7#b77;,a71 the servicer shall-- 7,a7 unless the borrower has already submitted a complete application that the servicer is reviewing-- 7i7 notify the borrower in writing of the documents and information1 if any1 needed by the servicer to enable the servicer to consider the borrower for all available loss mitigation options2 and 7ii7 exercise reasonable diligence to obtain the documents and information needed to complete the borrower's loss mitigation application2 and 7,b7 upon receipt of a complete application or if1 despite the servicer's exercise of reasonable diligence1 the loss mitigation application remains incomplete sixty days after the notice in paragraph 7#b77;,a7 is sent1 conduct an evaluation of the complete or incomplete loss mitigation application without reference to whether the borrower has previously submitted a complete loss mitigation application and offer the borrower all available loss mitigation options for which the borrower qualifies under applicable investor guidelines1 including guidelines regarding required documentation4 7#d7 ,effect on future requests for loss mitigation review ,an application1 offer1 or evaluation for loss mitigation under this section shall not be the basis for the denial of a borrower's application as duplicative or for a reduction in the borrower's appeal rights under ,regulation ,x 7#ab ,c4,f4,r4 #ajbd7 in regard to any loss mitigation application submitted after the servicer has complied with the requirements of paragraphs 7#b7 and 7#c74 7#e7 ,safe harbor ,any loss mitigation option authorized by the ,federal ,national ,mortgage ,association1 the ,federal ,home ,loan ,corporation1 or the ,federal ,housing ,administration that either-- 7,a7 defers the payment of total arrearages1 including any escrow advances1 to the end of the existing term of the loan1 without the charging or collection of any additional interest on the deferred amounts2 or 7,b7 extends the term of the mortgage loan1 and capitalizes1 defers1 or forgives all escrow advances and other arrearages1 without the charging of any fees or penalties beyond interest on any amount capitalized into the loan principal1 shall be deemed to comply with the requirements of paragraph 7#a77;,b74 7#f7 ,home retention options for certain reverse mortgage loans 7,a7 ,in general ,for a covered mortgage loan which is also a federally insured reverse mortgage loan1 a servicer's conduct shall be deemed to comply with this section provided that if the loan is eligible to be called due and payable due to a property charge default1 the mortgagee shall1 as a precondition to sending a due and payable request to the ,secretary or initiating or continuing a foreclosure process-- 7i7 make a good faith effort to communicate with the borrower regarding available home retention options to cure the property charge default1 including encouraging the borrower to apply for home retention options2 and 7ii7 consider the borrower for all available home retention options as allowed by the ,secretary4 7,b7 ,permissible repayment plans ,the ,secretary shall amend its allowable home retention options to permit a repayment plan of up to #abj months in length1 and to permit a repayment plan without regard to prior defaults on repayment plans4 7,c7 ,limitation on interest curtailment ,the ,secretary may not curtail interest paid to mortgagees who engage in loss mitigation or home retention actions through interest curtailment during such loss mitigation or home retention review or during the period when a loss mitigation or home retention plan is in effect and ending #ij days after any such plan terminates4 4 7,b7 ,amendment to ,housing ,act of #aidi ,section #eje of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adge7 is amended-- 7i7 by striking the section heading and inserting ,loss ,mitigation and ,foreclosure ,procedures2 7ii7 in subsection 7a71 by striking the section designation and all that follows through ,during any and inserting the following3 #eje4 7a7 ,moratorium--7#a7 ,in determining a borrower's eligibility for relief1 the ,secretary shall make all eligibility decisions based on the borrower's household's income1 expenses1 and circumstances4 7#b7 ,during any 2 7iii7 by redesignating subsection 7b7 as subsection 7c72 and 7iv7 by inserting after subsection 7a7 the following new subsection3 7b7 ,loan ,modification 7#a7 ,notwithstanding any other provision of this title1 for any loan made under section #ejb or #ejd1 the ,secretary may modify the interest rate and extend the term of such loan for up to #cj years from the date of such modification4 7#b7 ,at the end of any moratorium period granted under this section or under the ,,covid-#ai ,,hero ,act1 the ,secretary shall determine whether the borrower can reasonably resume making principal and interest payments after the ,secretary modifies the borrower's loan obligations in accordance with paragraph 7#a74 4 7#g7 ,multifamily ,mortgage ,forbearance ,section #djbc of the ,,cares ,act 7#ae ,u4,s4,c4 #ijeg7 is amended-- 7,a7 by striking ,federally backed multifamily mortgage loan each place such term appears and inserting multifamily mortgage loan2 7,b7 in subsection 7b71 by striking during and inserting due1 directly or indirectly1 to2 7,c7 in subsection 7c77#a7-- 7i7 in subparagraph 7,a71 by adding and at the end2 and 7ii7 by striking subparagraphs 7,b7 and 7,c7 and inserting the following3 7,b7 provide the forbearance for up to the end of the period described under section #djbd7;b74 2 7,d7 by redesignating subsection 7f7 as subsection 7g72 7,e7 by inserting after subsection 7e7 the following3 7f7 ,treatment after forbearance ,with respect to a multifamily mortgage loan provided a forbearance under this section1 the servicer of such loan-- 7#a7 shall provide the borrower with a #ab-month period beginning at the end of such forbearance to become current on the payments under such loan2 7#b7 may not charge any late fees1 penalties1 or other charges with respect to payments on the loan that were due during the forbearance period1 if such payments are made before the end of the #ab-month period2 and 7#c7 may not report any adverse information to a credit rating agency 7as defined under section #fjc of the ,fair ,credit ,reporting ,act with respect to any payments on the loan that were due during the forbearance period1 if such payments are made before the end of the #ab-month period47 2 and 7,f7 in subsection 7g71 as so redesignated-- 7i7 in paragraph 7#b7-- 7,i7 by striking that-- and all that follows through 7,a7 is secured by and inserting that is secured by2 7,,ii7 by striking 2 and and inserting a period2 and 7,,iii7 by striking subparagraph 7,b72 and 7ii7 by amending paragraph 7#e7 to read as follows3 7#e7 ,covered period ,with respect to a loan1 the term covered period has the meaning given that term under section #djbb7;a77#c74 4 7#h7 ,renter protections during forbearance period ,a borrower that receives a forbearance pursuant to section #djbb or #djbc of the ,,cares ,act 7#ae ,u4,s4,c4 #ijef or #ijeg7 may not1 for the duration of the forbearance-- 7,a7 evict or initiate the eviction of a tenant solely for nonpayment of rent or other fees or charges2 or 7,b7 charge any late fees1 penalties1 or other charges to a tenant for late payment of rent4 7#i7 ,extension of ,,gse ,patch 7,a7 ,non-applicability of existing sunset ,section #ajbf4dc7;e77#d77;iii77,b7 of title #ab1 ,code of ,federal ,regulations1 shall have no force or effect4 7,b7 ,extended sunset ,the special rules in section #ajbf4dc7;e77#d7 of title #ab1 ,code of ,federal ,regulations1 shall apply to covered transactions consummated prior to ,june #a1 #bjbb1 or such later date as the ,director of the ,bureau of ,consumer ,financial ,protection may determine1 by rule4 7#aj7 ,servicer safe harbor from investor liability 7,a7 ,safe harbor 7i7 ,in general ,a servicer of covered mortgage loans or multifamily mortgage loans shall be deemed not to have violated any duty or contractual obligation owed to investors or other parties regarding such mortgage loans on account of offering or implementing in good faith forbearance during the covered period or offering or implementing in good faith post-forbearance loss mitigation 7including after the expiration of the covered period7 in accordance with the terms of sections #djbb and #djbc of the ,,cares ,act to borrowers1 respectively1 on covered or multifamily mortgage loans that it services and shall not be liable to any party who is owed such a duty or obligation or subject to any injunction1 stay1 or other equitable relief to such party on account of such offer or implementation of forbearance or post-forbearance loss mitigation4 7ii7 ,other persons ,any person1 including a trustee of a securitization vehicle or other party involved in a securitization or other investment vehicle1 who in good faith cooperates with a servicer of covered or multifamily mortgage loans held by that securitization or investment vehicle to comply with the terms of section #djbb and #djbc of the ,,cares ,act1 respectively1 to borrowers on covered or multifamily mortgage loans owned by the securitization or other investment vehicle shall not be liable to any party who is owed such a duty or obligation or subject to any injunction1 stay1 or other equitable relief to such party on account of its cooperation with an offer or implementation of forbearance during the covered period or post-forbearance loss mitigation1 including after the expiration of the covered period4 7,b7 ,standard industry practice ,during the covered period1 notwithstanding any contractual restrictions1 it is deemed to be standard industry practice for a servicer to offer forbearance or loss mitigation options in accordance with the terms of sections #djbb and #djbc of the ,,cares ,act to borrowers1 respectively1 on all covered or multifamily mortgage loans it services4 7,c7 ,rule of construction ,nothing in this paragraph may be construed as affecting the liability of a servicer or other person for actual fraud in the servicing of a mortgage loan or for the violation of a ,state or ,federal law4 7,d7 ,definitions ,in this paragraph3 7i7 ,covered mortgage loan ,the term covered mortgage loan has the meaning given that term under section #djbb7;a7 of the ,,cares ,act4 7ii7 ,covered period ,the term covered period has the meaning given that term under section #djbc7;g7 of the ,,cares ,act4 7iii7 ,multifamily mortgage loan ,the term multifamily mortgage loan has the meaning given that term under section #djbc7;g7 of the ,,cares ,act4 7iv7 ,servicer ,the term servicer-- 7,i7 has the meaning given the term under section #f7;i7 of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfje7;i772 and 7,,ii7 means a master servicer and a subservicer1 as such terms are defined1 respectively1 under section #ajbd4ca of title #ab1 ,code of ,federal ,regulations4 7v7 ,securitization vehicle ,the term securitization vehicle has the meaning given that term under section #abi;,a7f7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;a7f774 7#aa7 ,amendments to ,national ,housing ,act ,section #cjf7;g77#a7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agba7;a77 is amended-- 7,a7 in the fifth sentence1 by inserting after issued the following3 1 subject to any pledge or grant of security interest of the ,federal ,reserve under section #djjc7;a7 of the ,,cares ,act 7,public ,law #aaf-acf2 #acd ,stat4 #dgj2 #ae ,u4,s4,c4 #ijdb7;a77 and to any such mortgage or mortgages or any interest therein and the proceeds thereon1 which the ,association may elect to approve2 and 7,b7 in the sixth sentence-- 7i7 by striking or 7,c7 and inserting 7,c72 and 7ii7 by inserting before the period the following3 1 or 7,d7 its approval and honoring of any pledge or grant of security interest of the ,federal ,reserve under section #djjc7;a7 of the ,,cares ,act and to any such mortgage or mortgages or any interest therein and proceeds thereon as4 7#ab7 ,bankruptcy protections 7,a7 ,bankruptcy ,protections for ,federal ,coronavirus ,relief ,payments ,section #eda7;b7 of title #aa1 ,united ,states ,code1 is amended-- 7i7 in paragraph 7#i71 in the matter following subparagraph 7,b71 by striking or2 7ii7 in paragraph 7#aj77;,c71 by striking the period at the end and inserting 2 or2 and 7iii7 by inserting after paragraph 7#aj7 the following3 7#aa7 payments made under ,federal law relating to the national emergency declared by the ,president under the ,national ,emergencies ,act 7#ej ,u4,s4,c4 #afja et seq47 with respect to the coronavirus disease #bjai 7,,covid-#ai74 4 7,b7 ,protection ,against ,discriminatory ,treatment of ,homeowners in ,bankruptcy ,section #ebe of title #aa1 ,united ,states ,code1 is amended by adding at the end the following3 7d7 ,a person may not be denied any forbearance1 assistance1 or loan modification relief made available to borrowers by a mortgage creditor or servicer because the person is or has been a debtor1 or has received a discharge1 in a case under this title4 4 7,c7 ,increasing the ,homestead ,exemption ,section #ebb of title #aa1 ,united ,states ,code1 is amended-- 7i7 in subsection 7d77#a71 by striking #ae1jjj and inserting #ajj1jjj2 and 7ii7 by adding at the end the following3 7r7 ,notwithstanding any other provision of applicable nonbankruptcy law1 a debtor in any ,state may exempt from property of the estate the property described in subsection 7d77#a7 not to exceed the value in subsection 7d77#a7 if the exemption for such property permitted by applicable nonbankruptcy law is lower than that amount4 4 7,d7 ,effect of ,missed ,mortgage ,payments on ,discharge ,section #acbh of title #aa1 ,united ,states ,code1 is amended by adding at the end the following3 7i7 ,a debtor shall not be denied a discharge under this section because1 as of the date of discharge1 the debtor did not make #f or fewer payments directly to the holder of a debt secured by real property4 7j7 ,notwithstanding subsections 7a7 and 7b71 upon the debtor's request1 the court shall grant a discharge of all debts provided for in the plan that are dischargeable under subsection 7a7 if the debtor-- 7#a7 has made payments under a confirmed plan for at least #a year2 and 7#b7 who is experiencing or has experienced a material financial hardship due1 directly or indirectly1 to the coronavirus disease #bjai 7,,covid-#ai7 pandemic4 4 7,e7 ,expanded eligibility for chapter #ac ,section #aji7;e7 of title #aa1 ,united ,states ,code1 is amended-- 7i7 by striking #bej1jjj each place the term appears and inserting #hej1jjj2 and 7ii7 by striking #gej1jjj each place the term appears and inserting #b1fjj1jjj4 7,f7 ,extended ,cure ,period for ,homeowners ,harmed by ,,covid-#ai ,pandemic 7i7 ,in general ,chapter #ac of title #aa1 ,united ,states ,code1 is amended by adding at the end thereof the following3 #acca4 ,special provisions related to ,,covid-#ai pandemic 7a7 ,notwithstanding subsections 7b77#b7 and 7d7 of section #acbb1 if the debtor is experiencing or has experienced a material financial hardship due1 directly or indirectly1 to the coronavirus disease #bjai 7,,covid-#ai7 pandemic1 a plan may provide for the curing of any default within a reasonable time1 not to exceed #g years after the time that the first payment under the original confirmed plan was due1 and maintenance of payments while the case is pending on any unsecured claim or secured claim on which the last payment is due after the expiration of such time4 ,any such plan provision shall not affect the applicable commitment period under section #acbe7;b74 7b7 ,for purposes of sections #acbh7;a7 and #acbh7;b71 any cure or maintenance payments under subsection 7a7 that are made after the end of the period during which the plan provides for payments 7other than payments under subsection 7a77 shall not be treated as payments under the plan4 7c7 ,notwithstanding section #acbi7;c71 a plan modified under section #acbi at the debtor's request may provide for cure or maintenance payments under subsection 7a7 over a period that is not longer than #g years after the time that the first payment under the original confirmed plan was due4 7d7 ,notwithstanding section #cfb7;c77#b71 during the period after the debtor receives a discharge and the period during which the plan provides for the cure of any default and maintenance of payments under the plan1 section #cfb7;a7 shall apply to the holder of a claim for which a default is cured and payments are maintained under subsection 7a7 and to any property securing such claim4 7e7 ,notwithstanding section #acja7;a77#b71 the stay of section #acja7;a7 terminates upon the granting of a discharge under section #acbh with respect to all creditors other than the holder of a claim for which a default is cured and payments are maintained under subsection 7a74 4 7ii7 ,table of contents ,the table of sections of chapter #ac1 title #aa1 ,united ,states ,code1 is amended by adding at the end thereof the following3 ,sec4 #acca4 ,special provisions related to ,,covid-#ai pandemic4 4 7iii7 ,application ,the amendments made by this paragraph shall apply only to any case under title #aa1 ,united ,states ,code1 commenced before #c years after the date of enactment of this ,act and pending on or commenced after such date of enactment1 in which a plan under chapter #ac of title #aa1 ,united ,states ,code1 was not confirmed before ,march #bg1 #bjbj4 7#ac7 ,liquidity for mortgage servicers and residential rental property owners 7,a7 ,in general ,section #djjc of the ,,cares ,act 7#ae ,u4,s4,c4 #ijdb71 is amended by adding at the end the following3 7i7 ,liquidity for mortgage servicers 7#a7 ,in general ,subject to paragraph 7#b71 the ,secretary shall ensure that servicers of covered mortgage loans 7as defined under section #djbb7 and multifamily mortgage loans 7as defined under section #djbc7 are provided the opportunity to participate in the loans1 loan guarantees1 or other investments made by the ,secretary under this section4 ,the ,secretary shall ensure that servicers are provided with access to such opportunities under equitable terms and conditions regardless of their size4 7#b7 ,mortgage servicer eligibility ,in order to receive assistance under subsection 7b77#d71 a mortgage servicer shall-- 7,a7 demonstrate that the mortgage servicer has established policies and procedures to use such funds only to replace funds used for borrower assistance1 including to advance funds as a result of forbearance or other loss mitigation provided to borrowers2 7,b7 demonstrate that the mortgage servicer has established policies and procedures to provide forbearance1 post-forbearance loss mitigation1 and other assistance to borrowers in compliance with the terms of section #djbb or #djbc1 as applicable2 7,c7 demonstrate that the mortgage servicer has established policies and procedures to ensure that forbearance and post-forbearance assistance is available to all borrowers in a non-discriminatory fashion and in compliance with the ,fair ,housing ,act1 the ,equal ,credit ,opportunity ,act1 and other applicable fair housing and fair lending laws2 and 7,d7 comply with the limitations on compensation set forth in section #djjd4 7#c7 ,mortgage servicer requirements ,a mortgage servicer receiving assistance under subsection 7b77#d7 may not1 while the servicer is under any obligation to repay funds provided or guaranteed under this section-- 7,a7 pay dividends with respect to the common stock of the mortgage servicer or purchase an equity security of the mortgage servicer or any parent company of the mortgage servicer if the security is listed on a national securities exchange1 except to the extent required under a contractual obligation that is in effect on the date of enactment of this subsection2 or 7,b7 prepay any debt obligation4 4 7,b7 ,credit facility for residential rental property owners 7i7 ,in general ,the ,board of ,governors of the ,federal ,reserve ,system shall-- 7,i7 establish a facility1 using amounts made available under section #djjc7;b77#d7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijdb7;b77#d771 to make long-term1 low-cost loans to residential rental property owners as to temporarily compensate such owners for documented financial losses caused by reductions in rent payments2 and 7,,ii7 defer such owners' required payments on such loans until after six months after the date of enactment of this ,act4 7ii7 ,requirements ,a borrower that receives a loan under this subsection may not1 for the duration of the loan-- 7,i7 evict or initiate the eviction of a tenant solely for nonpayment of rent or other fees or charges2 7,,ii7 charge any late fees1 penalties1 or other charges to a tenant for late payment of rent2 and 7,,iii7 with respect to a person or entity described under clause 7iv71 discriminate on the basis of source of income4 7iii7 ,report on residential rental property owners ,the ,board of ,governors shall issue a report to the ,congress containing the following1 with respect to each property owner receiving a loan under this subsection3 7,i7 ,the number of borrowers that received assistance under this subsection4 7,,ii7 ,the average total loan amount that each borrower received4 7,,iii7 ,the total number of rental units that each borrower owned4 7,,iv7 ,the average rent charged by each borrower4 7iv7 ,report on large residential rental property owners ,the ,board of ,governors shall issue a report to ,congress that identifies any person or entity that in aggregate owns or holds a controlling interest in any entity that1 in aggregate1 owns-- 7,i7 more than #ajj rental units that are located within a single ,metropolitan ,statistical ,area2 7,,ii7 more than #a1jjj rental units nationwide2 or 7,,iii7 rental units in three or more ,states4 7,c7 ,mortgage performance data ,section #djjc7;c7 of the ,,cares ,act 7,public ,law #aaf-acf7 is amended by adding at the end the following3 7#d7 ,mortgage performance data 7,a7 ,monthly report 7i7 ,in general ,a servicer of a residential mortgage loan receiving a loan1 loan guarantee1 or any other investment under this section shall1 beginning in the first month in which the loan1 loan guarantee1 or investment was received1 collect and provide loan-level data to the ,bureau of ,consumer ,financial ,protection on a monthly basis with respect all residential mortgage loans serviced by the servicer4 7ii7 ,contents ,each monthly report required under this subparagraph shall contain identifying information and loan performance data for the most recent month as well as cumulative data since the servicer began reporting under this paragraph4 7iii7 ,time period for reports ,reports under this paragraph shall be provided by a servicer every month in which a loan1 loan guarantee1 or any other investment under this section has been received and for #b years following such receipt4 7,b7 ,identifying information ,each monthly report required under subparagraph 7,a7 shall include the following loan-level identifying information3 7i7 ,demographic data1 for each borrower1 including race1 ethnicity1 sex1 and age4 7ii7 ,the location of the property1 including by ,state1 ,metropolitan ,statistical ,area1 postal code1 census tract1 and ,metropolitan ,district1 if applicable4 7iii7 ,loan origination information1 including original unpaid principal balance1 original interest rate1 first payment date1 original loan term1 and lien status 7first or subordinate74 7iv7 ,loan type and type of loan purchaser1 as described under section #cjd of the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhjc7 and the rules issued to carry out such section4 7,c7 ,loan performance data ,each monthly report required under subparagraph 7,a7 shall include the following loan-level loan performance data3 7i7 ,current loan information1 including current actual unpaid principal balance1 current interest rate1 current loan delinquency status 7based on the number of days the borrower is delinquent in payments based on the due date of the last paid loan payment71 loan performance status 7including current1 forbearance1 repayment plan1 referred to foreclosure1 trial modification1 permanent modification1 or foreclosed71 and the date of the event leading to such status4 7ii7 ,loss mitigation information1 including-- 7,i7 whether the loan is currently being evaluated for loss mitigation1 and if so the date upon which the current loss mitigation process was initiated and the date of complete application1 if any 7,,ii7 the disposition of any previous loss mitigation evaluation reported pursuant to subclause 7,i7 and the date of disposition1 including-- 7aa7 denied2 7bb7 temporary or short-term agreement1 such as a repayment agreement or forbearance1 and the length of such agreement 7in months72 7cc7 trial loan modification2 7dd7 permanent loan modification2 or 7ee7 other type of loss mitigation2 and 7,,iii7 for each permanent modification-- 7aa7 whether the permanent modification included one or more of-- 7,,aa7 additions of delinquent payments and fees to loan balances2 7,,bb7 interest rate reductions and freezes2 7,,cc7 term extensions2 7,,dd7 reductions of principal2 or 7,,ee7 deferrals of principal2 and 7bb7 whether the total monthly principal and interest payment1 as a result of the permanent modification-- 7,,aa7 increased2 7,,bb7 remained the same2 7,,cc7 decreased less than #aj percent2 7,,dd7 decreased between #aj and #bj percent2 or 7,,ee7 decreased #bj percent or more4 7,d7 ,forbearance data ,each monthly report required under subparagraph 7,a7 shall include1 with respect to each loan for which a forbearance has been reported under subparagraph 7,c77i71 forbearance-specific data1 including-- 7i7 the total months of total forbearance granted to date2 and 7ii7 the number of renewals of forbearance to date4 7,e7 ,public availability of aggregate data 7i7 ,in general ,using data submitted by servicers under this paragraph1 the ,director of the ,bureau of ,consumer ,financial ,protection shall make available aggregate data by servicer for each ,state1 ,metropolitan ,statistical ,area1 and ,metropolitan ,division1 as defined by the ,office of ,management and ,budget4 ,such aggregate data shall be provided monthly by the ,director to ,congress and posted on the ,bureau of ,consumer ,financial ,protection's website4 7ii7 ,exception for certain personally identifiable data ,if aggregate data described under clause 7i7 is nonetheless reasonably personally identifiable1 the ,director may report the aggregate data by servicer on the next larger geographic unit 7such that1 for example1 data would not be reported by ,municipal ,division but only by ,metropolitan ,statistical ,area and ,state74 7,f7 ,implementation ,the ,director of the ,bureau of ,consumer ,financial ,protection shall1 within #fj days of the date of enactment of this paragraph1 and in consultation with the ,director of the ,federal ,housing ,finance ,agency and the ,comptroller of the ,currency1 prescribe the format and method of submission of the data required under this paragraph4 ,the ,director of the ,bureau may prescribe rules for the collection of the data in order to ensure accuracy1 transparency1 and complete data collection1 including the collection and reporting of additional data elements1 but may not require reporting of fewer data elements than prescribed by this paragraph nor less frequent reporting than required by this paragraph4 7,g7 ,definitions ,in this paragraph3 7i7 ,,covid-#ai emergency ,the term ,,covid-#ai emergency means the national emergency concerning the novel coronavirus disease 7,,covid-#ai7 outbreak declared by the ,president on ,march #ac1 #bjbj1 under the ,national ,emergencies ,act 7#ej ,u4,s4,c4 #afja et seq474 7ii7 ,residential mortgage loan ,the term residential mortgage loan has the meaning given that term under section #ajc7;dd7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjb7;dd774 7iii7 ,servicer ,the term servicer has the meaning given in section #f7;i7 of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfje7;i774 4