12 USC 1715z-25 - Mortgage modification data collecting and reporting

United States Code

USC most recently checked for updates: Jun 09, 2025

§ 1715z-24. Pilot program for automated process for borrowers without sufficient credit history

Subchapter III - NATIONAL MORTGAGE ASSOCIATIONS

U.S. Code
Notes

§ 1715z–25.

Mortgage modification data collecting and reporting

(a)

Reporting requirements

Not later than 120 days after May 20, 2009, and quarterly thereafter, the Comptroller of the Currency and the Director of the Office of Thrift Supervision,1

 So in original. The comma probably should not appear.

shall jointly submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate,2

 So in original. The word “and” probably should appear instead of the comma.

the Committee on Financial Services of the House of Representatives on the volume of mortgage modifications reported to the Office of the Comptroller of the Currency and the Office of Thrift Supervision, under the mortgage metrics program of each such Office, during the previous quarter, including the following:

(1)

A copy of the data collection instrument currently used by the Office of the Comptroller of the Currency and the Office of Thrift Supervision to collect data on loan modifications.

(2)

The total number of mortgage modifications in each State that result in each of the following:

(A)

Additions of delinquent payments and fees to loan balances.

(B)

Interest rate reductions and freezes.

(C)

Term extensions.

(D)

Reductions of principal.

(E)

Deferrals of principal.

(F)

Combinations of modifications described in subparagraph (A), (B), (C), (D), or (E).

(3)

The total number of mortgage modifications in each State for which the total monthly principal and interest payment resulted in the following:

(A)

An increase.

(B)

Remained the same.

(C)

Decreased less than 10 percent.

(D)

Decreased between 10 percent and 20 percent.

(E)

Decreased 20 percent or more.

(4)

The total number of loans in each State that have been modified and then entered into default, where the loan modification resulted in—

(A)

higher monthly payments by the homeowner;

(B)

equivalent monthly payments by the homeowner;

(C)

lower monthly payments by the homeowner of up to 10 percent;

(D)

lower monthly payments by the homeowner of between 10 percent to 20 percent; or

(E)

lower monthly payments by the homeowner of more than 20 percent.

(b)

Data collection

(1)

Required

(A)

In general

Not later than 60 days after May 20, 2009, the Comptroller of the Currency and the Director of the Office of Thrift Supervision,¹ shall issue mortgage modification data collection and reporting requirements to institutions covered under the reporting requirement of the mortgage metrics program of the Comptroller or the Director. Not later than 60 days after the date of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Comptroller of the Currency and the Director of the Office of Thrift Supervision shall update such requirements to reflect amendments made to this section by such Act.

(B)

Inclusiveness of collections

The requirements under subparagraph (A) shall provide for the collection of all mortgage modification data needed by the Comptroller of the Currency and the Director of the Office of Thrift Supervision to fulfill the reporting requirements under subsection (a).

(2)

Report

The Comptroller of the Currency shall report all requirements established under paragraph (1) to each committee receiving the report required under subsection (a).

(Pub. L. 111–22, div. A, title I, § 104, May 20, 2009, 123 Stat. 1636; Pub. L. 111–203, title XIV, § 1493, July 21, 2010, 124 Stat. 2206.)

cite as: 12 USC 1715z-25