,,ii #aafth ,,congress #b;d ,session ,s4 #dbfj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #bb1 #bjbj ,mr4 ,menendez introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to promote access to mortgage credit during the ,,covid-#ai pandemic by preventing restrictions on providing ,federal backing for single-family mortgage loans in forbearance1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,promoting ,access to ,credit for ,homebuyers ,act of #bjbj4 #b4 ,definitions ,in this ,act3 7#a7 ,covered period ,the term covered period means1 with respect to a ,federally backed mortgage loan1 the period of time during which the borrower under the loan may request forbearance on the loan under section #djbb7;b7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijef7;b774 7#b7 ,,covid-#ai emergency ,the term ,,covid-#ai emergency has the meaning given the term in section #djbb of the ,,cares ,act 7#ae ,u4,s4,c4 #ijef74 7#c7 ,director ,the term ,director means the ,director of the ,federal ,housing ,finance ,agency4 7#d7 ,enterprise ,the term enterprise has the meaning given the term in section #acjc of the ,housing and ,community ,development ,act of #aiib 7#ab ,u4,s4,c4 #dejb74 7#e7 ,federally backed mortgage loan ,the term ,federally backed mortgage loan has the meaning given the term in section #djbb of the ,,cares ,act 7#ae ,u4,s4,c4 #ijef74 #c4 ,fannie ,mae and ,freddie ,mac 7a7 ,purchase requirements ,during the period beginning on the date that is #e days after the date of enactment of this ,act and ending on the date that is #fj days after the end of the covered period with respect to the mortgage1 notwithstanding any other provision of law1 an enterprise may not refuse to purchase any single-family mortgage originated on or after ,february #a1 #bjbj1 that otherwise would have been eligible for purchase by such enterprise1 solely due to the fact that the borrower has1 for the borrower's previous mortgage or on the mortgage being purchased-- 7#a7 entered into forbearance as a result of a financial hardship due1 directly or indirectly1 to the ,,covid-#ai emergency2 7#b7 requested forbearance as a result of a financial hardship due1 directly or indirectly1 to the ,,covid-#ai emergency2 or 7#c7 inquired as to options related to forbearance as a result of a financial hardship due1 directly or indirectly1 to the ,,covid-#ai emergency4 7b7 ,prohibition on restrictions ,with respect to purchase of single-family mortgages described in subsection 7a7 and specified in any of paragraphs 7#a7 through 7#c7 of such subsection1 an enterprise may not-- 7#a7 establish additional restrictions that are not applicable to similarly situated mortgages under which the borrower is not in forbearance2 7#b7 charge a higher guarantee fee 7within the meaning provided the term in section #acbg of the ,housing and ,community ,development ,act of #aiib 7#ab ,u4,s4,c4 #dedg771 or loan level pricing adjustment1 or otherwise alter pricing for those mortgages1 relative to similarly situated mortgages under which the borrower is not in forbearance2 7#c7 apply repurchase requirements to those mortgages that are more restrictive than repurchase requirements applicable to similarly situated mortgages under which the borrower is not in forbearance2 or 7#d7 require lender indemnification of those mortgages1 solely due to the fact that the borrower is in forbearance4 7c7 ,fraud detection 7#a7 ,in general ,nothing in this section may be construed to prevent an enterprise from conducting oversight and review of single-family mortgages purchased when a borrower is in forbearance on the borrower's previous mortgage1 or on the mortgage being purchased1 for purposes of detecting fraud4 7#b7 ,requirement to report ,an enterprise shall report any fraud detected as described in paragraph 7#a7 to the ,director4 7d7 ,enterprise capital ,during the period beginning on the date that is #e days after the date of enactment of this ,act and ending on the date that is #fj days after the end of the covered period with respect to the mortgage1 notwithstanding any other provision of law1 a forbearance on the mortgage shall not be considered to be a delinquency under the mortgage for purposes of calculating capital of an enterprise for any purpose under title ,,xiii of the ,housing and ,community ,development ,act of #aiib 7#ab ,u4,s4,c4 #deja et seq474 7e7 ,rules of construction 7#a7 ,purchase parameters ,nothing in this section may be construed to require an enterprise to purchase single-family mortgages that do not meet existing or amended purchase parameters1 other than parameters related to borrower forbearance1 established by the enterprise4 7#b7 ,employment2 income ,nothing in this section may be construed to prevent an enterprise from establishing additional requirements to ensure that a borrower has not lost their job or income prior to a mortgage closing4 7f7 ,implementation ,the ,director may issue any guidance1 orders1 and regulations necessary to carry out this section4 #d4 ,,fha 7a7 ,prohibition on restrictions ,during the period beginning on the date that is #e days after the date of enactment of this ,act and ending on the date that is #fj days after the end of the covered period with respect to the mortgage1 notwithstanding any other provision of law1 the ,secretary of ,housing and ,urban ,development may not deny the provision of mortgage insurance for a single-family mortgage originated on or after ,february #a1 #bjbj1 may not implement additional premiums or otherwise alter pricing for such a mortgage1 may not require mortgagee indemnification1 and may not establish additional restrictions on such a mortgagor1 solely due to the fact that the borrower has-- 7#a7 entered into forbearance as a result of a financial hardship due1 directly or indirectly1 to the ,,covid-#ai emergency2 7#b7 requested forbearance as a result of a financial hardship due1 directly or indirectly1 to the ,,covid-#ai emergency2 or 7#c7 inquired as to options related to forbearance as a result of a financial hardship due1 directly or indirectly1 to the ,,covid-#ai emergency4 7b7 ,rules of construction 7#a7 ,insurance ,nothing in this section may be construed to require the ,secretary of ,housing and ,urban ,development to provide insurance on single-family mortgages that do not meet existing or amended insurance parameters1 other than parameters related to borrower forbearance1 established by the ,secretary of ,housing and ,urban ,development4 7#b7 ,employment2 income ,nothing in this section may be construed to prevent the ,secretary of ,housing and ,urban ,development from establishing additional requirements regarding insurance on single-family mortgages to ensure that a borrower has not lost their job or income prior to a mortgage closing4 #e4 ,reporting requirements 7a7 ,,fhfa actions ,during the ,,covid-#ai emergency1 the ,director may not increase guarantee fees1 loan level pricing adjustments1 or any other fees or implement any restrictions on access to credit unless the ,director provides #dh-;hour advance notice of such increase or restrictions to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives together with a detailed report of the policy rationale for the decision1 including any and all data considered in making such decision4 7b7 ,quarterly reports by enterprises and ,,fha 7#a7 ,requirement ,each enterprise and the ,secretary of ,housing and ,urban ,development1 with respect to the mortgage insurance programs of the ,federal ,housing ,administration1 shall provide reports to the ,congress1 and make such reports publicly available1 not less frequently than quarterly regarding the impact of ,,covid-#ai pandemic on the such enterprises' and program's ability to meet their charter requirements1 civil rights responsibilities1 mandates under the ,,cares ,act 7,public ,law #aaf-acf71 and other laws enacted in response to the ,,covid-#ai pandemic1 and other requirements under law4 7#b7 ,deadlines ,the first report required under paragraph 7#a7 shall be submitted not later than #c months after the date of enactment of this ,act and the requirement under paragraph 7#a7 to submit those reports shall terminate on the date that is #b years after the date on which the ,,covid-#ai emergency terminates4 7#c7 ,content ,each report required under paragraph 7#a7 shall include the following information for the most recent quarter for which data is available3 7,a7 ,enterprises ,for each report required by an enterprise3 7i7 ,the number of single-family and multi-family residential mortgage loans purchased by the enterprise and the unpaid principal balance of those mortgage loans purchased1 disaggregated by-- 7,i7 mortgage loans made to low- and moderate-income borrowers2 7,,ii7 mortgage loans made for properties in low- and moderate-income census tracts2 and 7,,iii7 mortgage loans made for properties in central cities1 rural areas1 and underserved areas4 7ii7 ,in the single-family residential mortgage market-- 7,i7 the total number1 unpaid principal balance1 and length of forbearances provided to borrowers1 including whether or not the forbearance was requested by the borrower2 7,,ii7 a detailed breakdown of the loan modifications offered to borrowers and whether the borrowers accepted the offer1 including the total number and unpaid principal balance of loan modifications ultimately made to borrowers2 7,,iii7 a detailed breakdown of the home retention options offered to borrowers and whether the borrowers accepted the offer1 including the total number and unpaid principal balance of other home retention options ultimately made to borrowers2 and 7,,iv7 the total number of outcomes that included short-sales1 deed-in-lieu of foreclosure1 and foreclosure sales4 7iii7 ,a description of any efforts by the enterprise to provide assistance and support to consumers who are not proficient in ,english4 7iv7 ,a description of any other efforts by the enterprise to provide assistance to low- and moderate-income communities1 central cities1 rural areas1 and other underserved areas1 such as financial literacy and education or support of fair housing and housing counseling agencies4 7v7 ,a description of any other assistance provided by the enterprise to consumers in response to the ,,covid-#ai pandemic4 7,b7 ,,fha ,for each report required with respect to the mortgage insurance programs of the ,federal ,housing ,administration3 7i7 ,the number and unpaid principal balance for all residential mortgage loans1 disaggregated by type1 insured under those programs4 7ii7 ,the total number1 unpaid principal balance1 and length of forbearances provided to borrowers1 including whether or not the forbearance was requested by the borrower4 7iii7 ,a detailed breakdown of the loan modifications offered to borrowers and whether the borrowers accepted the offer1 including the total number and unpaid principal balance of loan modifications ultimately made to borrowers4 7iv7 ,a detailed breakdown of the home retention options offered to borrowers and whether the borrowers accepted the offer1 including the total number and unpaid principal balance of other home retention options ultimately made to borrowers4 7v7 ,a description of any efforts under those programs to provide assistance and support to consumers who are not proficient in ,english4 7vi7 ,a description of any other efforts under those programs to provide assistance to low- and moderate-income communities1 central cities1 rural areas1 and other underserved areas1 such as financial literacy and education or support of fair housing and housing counseling agencies4 7vii7 ,a description of any other assistance provided under those programs to consumers in response to the ,,covid-#ai pandemic4 7,c7 ,provisions to be included in all reports ,each report required under paragraph 7#a7 shall include1 to the degree reasonably possible1 the following information3 7i7 ,an analysis of all loan level data required by subparagraphs 7,a7 and 7,b7 disaggregated by race1 national origin1 gender1 disability status1 whether or not the borrower seeking or obtaining assistance speaks ,english as a second language1 the preferred language of the borrower1 debt-to-income level of the borrower1 loan-to-value ratio of the loan1 and credit score of the borrower4 7ii7 ,a geographical analysis at the census tract level1 but if information is not available at the census tract level for any of the items required by subparagraphs 7,a7 and 7,b71 the geographical analysis shall be provided at the zip code level for the item for which a census tract analysis was not possible4 7iii7 ,a description of any policy changes made by the enterprise or ,secretary of ,housing and ,urban ,development1 as appropriate1 in response to the ,,covid-#ai pandemic and analysis of actions taken to ensure that those policy changes were in compliance with all relevant civil rights responsibilities1 including the ,fair ,housing ,act 7#db ,u4,s4,c4 #cfja et seq471 including the ,affirmatively ,furthering ,fair ,housing provision1 the ,equal ,credit ,opportunity ,act 7#ae ,u4,s4,c4 #afia et seq471 the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bija et seq471 the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #deja et seq471 the ,housing and ,economic ,recovery ,act of #bjjh 7,public ,law #aaj-bhi2 #abb ,stat4 #bfed71 the ,federal ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adba et seq471 ,executive ,orders #aajfc and #abhib1 the ,federal ,national ,mortgage ,association ,charter ,act 7#ab ,u4,s4,c4 #agaf et seq471 and the ,federal ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #adea et seq474 7c7 ,report by ,,gao ,not later than #abj days after the date on which the ,,covid-#ai emergency terminates1 the ,comptroller ,general of the ,united ,states shall submit to ,congress and make publicly available a report on-- 7#a7 the extent to which the enterprises and the mortgage insurance programs of the ,federal ,housing ,administration provided loan products1 forbearances1 loan modifications1 and ,,covid-#ai-related assistance to consumers2 7#b7 the availability and type of any such assistance provided post-forbearance2 and 7#c7 the overall ability of the enterprises and the mortgage insurance programs to successfully meet their charter requirements1 civil rights responsibilities1 and other requirements under law4