S.Amdt. 2128

SA 2128. Mr. REED submitted an amendment intended to be proposed by
him to the bill S. 2155, to promote economic growth, provide tailored
regulatory relief, and enhance consumer protections, and for other
purposes; which was ordered to lie on the table; as follows:

At the end, add the following:

TITLE VI--MISCELLANEOUS

SEC. 601. PILOT PROGRAM REGARDING LOSS MITIGATION AND
COMMUNICATION.

(a) Definitions.--In this section:
(1) Continuity of contact personnel.--The term ``continuity
of contact personnel'' means servicer personnel described in
section 1024.40(a) of title 12, Code of Federal Regulations.
(2) Covered borrower.--The term ``covered borrower'' means
a borrower of a federally related mortgage loan initiating a
loss mitigation application.
(3) Covered branch.--The term ``covered branch'' means a
national bank consumer banking branch affiliated with a
federally related mortgage loan servicer.
(4) Director.--The term ``Director'' means the Director of
the Bureau of Consumer Financial Protection.
(5) Federally related mortgage loan.--The term ``federally
related mortgage loan'' has the meaning given the term in
section 3 of the Real Estate Settlement Procedures Act of
1974 (12 U.S.C. 2602).
(6) Loss mitigation application.--The term ``loss
mitigation application'' has the meaning given the term in
section 1024.31 of title 12, Code of Federal Regulations.
(7) Servicer.--The term ``servicer'' has the meaning given
the term in section 1024.2(b) of title 12, Code of Federal
Regulations.
(b) Program Implementation.--Not later than 180 days after
the date of enactment of this Act, the Director shall,
subject to such conditions and procedures as the Director
shall establish, implement a pilot program to determine the
feasibility of requiring servicers to use covered branches to
provide to any covered borrower the information described in
subsection (c).
(c) Information for Borrowers.--Each borrower described in
subsection (b) shall, upon request by the covered borrower at
a national bank consumer banking branch affiliated with the
covered borrower's servicer, receive, within a commercially
reasonable period of time but no later than 3 business days
after the date of the request, at such branch--
(1) all relevant contact information for the continuity of
contact personnel of the covered borrower in connection with
a loss mitigation application for purposes of the pilot
program established under subsection (b); and
(2) the address of a nearby location, within a reasonable
distance of the current residence of the covered borrower,
where the covered borrower may copy, fax, scan, transmit by
overnight delivery, or mail or email documents to the covered
borrower's customer service representative or the continuity
of contact personnel of the servicer.
(d) Other Appropriate Program Procedures.--In implementing
a pilot program, the Director shall--
(1) determine the feasibility of other appropriate
procedures, subject to such conditions as the Director shall
establish, that facilitate the timely transfer of documents
and information from a covered borrower to a servicer
necessary to complete a loss mitigation application; and
(2) ensure that a servicer evaluates the loss mitigation
application of a covered borrower within the time period set
forth in section 1024.41(c)(1) of title 12, Code of Federal
Regulations.
(e) Duration and Extension.--
(1) In general.--Except as provided in paragraph (2), the
program authorized by this section shall terminate 18 months
after the date on which the program is implemented.
(2) Extension.--The Director may extend the program
authorized by this section for an additional 12 months.
(f) Report to Congress.--Not later than 270 days after the
date of enactment of this Act, and on a quarterly basis
thereafter until the termination of the pilot program, the
Director shall submit to Congress a report on the findings of
the Director regarding the pilot program, including a finding
of whether the pilot program should be extended.
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