S. 3161 · 111th Congress
Mortgage Modification Reform Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ShaheenSponsorNo cosponsors.
Mortgage Modification Reform Act of 2010 - Prohibits a residential mortgage servicer from initiating or continuing a foreclosure on a homeowner's mortgage if: (1) the homeowner applied for a loan modification under a home loan modification program either before receiving notice of the foreclosure or within 30 days after receiving it; and (2) the servicer…
What it does: CRS summary · Introduced in Senate · Mar 24, 2010
Mortgage Modification Reform Act of 2010 - Prohibits a residential mortgage servicer from initiating or continuing a foreclosure on a homeowner's mortgage if: (1) the homeowner applied for a loan modification under a home loan modification program either before receiving notice of the foreclosure or within 30 days after receiving it; and (2) the servicer has not yet determined that the homeowner does not qualify under a home loan modification program.
Directs the Secretary of the Treasury to establish a process by which a homeowner may request review of a servicer's denial of an application for either a trial or a permanent loan modification.
Subjects servicers to administrative penalties for wrongful denial of a loan modification application.
Requires servicers to evaluate loan applications in the order received, and to notify the homeowner within three months after the date of application submission.
Requires the Secretary to reduce servicer incentive payments for tardy evaluations by servicers of loan modification applications.
Prohibits servicers from imposing a delinquency fee upon homeowners while the loan modification application is pending.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Mortgage Modification Reform Act of 2010
Latest action (Mar 24, 2010): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2025-2026)
Policy area: Housing and Community Development · Origin: Senate · Introduced: Mar 24, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.