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12 U.S.C. § 4563 — Regulations for use of credit scores

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4563 — Regulations for use of credit scores

The Director shall— (1) by regulation, establish standards and criteria for any process used by an enterprise to validate and approve credit scoring models pursuant to [section 1717(b)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1717/b/7&num=0&edition=prelim) and [section 1454(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1454/d&num=0&edition=prelim); and (2) ensure that any credit scoring model that is validated and approved by an enterprise under [section 1717(b)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1717/b/7&num=0&edition=prelim) or [section 1454(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1454/d&num=0&edition=prelim) meets the requirements of clauses (i), (ii), and (iii) of [section 1717(b)(7)(C) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1717/b/7/C&num=0&edition=prelim) and subparagraphs (A), (B), and (C) of [section 1454(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1454/d&num=0&edition=prelim), respectively.

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Stable record: federal_law:legal_authorities:record_usc_921eb4f51a1f1b4302e0ab49
Source file: Laws/federal/codes/united-states-code/title-12/section-4563-regulations-for-use-of-credit-scores--e71f234ce6.md
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Source location: Title 12, Chapter 46, § 4563; chapter-046-government-sponsored-enterprises.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4564 — Establishment of housing goals

**(a) In general** The Director shall, by regulation, establish effective for 2010 and each year thereafter, annual housing goals, with respect to the mortgage purchases by the enterprises, as follows: (1) **Single-family housing goals** — Four single-family housing goals under [section 4562 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4562&num=0&edition=prelim). (2) **Multifamily special affordable housing goal** — One multifamily special affordable housing goal under [section 4563 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4563&num=0&edition=prelim). **(b) Timing** The Director shall, by regulation, establish an annual deadline by which the Director shall establish the annual housing goals under this subpart for each year, taking into consideration the need for the enterprises to reasonably and sufficiently plan their operations and activities in advance, including operations and activities necessary to meet such annual goals. **(c) Transition** The annual housing goals effective for 2008 pursuant to this subpart, as in effect before July 30, 2008, shall remain in effect for 2009, except that not later than the expiration of the 270-day period beginning on July 30, 2008, the Director shall review such goals applicable for 2009 to determine the feasibility of such goals given the market conditions current at such time and, after seeking public comment for a period not to exceed 30 days, may make appropriate adjustments consistent with such market conditions. **(d) Eliminating interest rate disparities** (1) **In general** — Upon request by the Director, an enterprise shall provide to the Director, in a form determined by the Director, data the Director may review to dete

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4568 — Duty to serve underserved markets and other requirements

**(a) Duty to serve underserved markets** (1) **11 So in original. No par. (2) has been enacted. Duty** — To increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for underserved markets, each enterprise shall provide leadership to the market in developing loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages for very low-, low-, and moderate-income families with respect to the following underserved markets: (A) *Manufactured housing* — The enterprise shall develop loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages on manufactured homes for very low-, low-, and moderate-income families. (B) *Affordable housing preservation* — The enterprise shall develop loan products and flexible underwriting guidelines to facilitate a secondary market to preserve housing affordable to very low-, low-, and moderate-income families, including housing projects subsidized under_22 So in original. (i) the project-based and tenant-based rental assistance programs under [section 1437f of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437f&num=0&edition=prelim); (ii) the program under [section 1715z–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-1&num=0&edition=prelim); (iii) the below-market interest rate mortgage program under section 1715l(d)(4) of this title; (iv) the supportive housing for the elderly program under [section 1701q of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701q&num=0&edition=prelim); (v) the supportive housing program for persons with di

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4563 — Multifamily special affordable housing

Page 1670 TITLE 12—BANKS AND BANKING § 4563 1 So in original. principal balance of the mortgage loan to be the principal balance as reported in the infor- mation referred to in paragraph (4), as rounded to the nearest thousand dollars. (f) Notice of determination and enterprise com- ment (1) Notice Within 30 days of making a determination under subsection (d) regarding compliance of an enterprise for a year with a housing goal established under this section and before any public disclosure thereof, the Director shall provide notice of the determination to the en- terprise, which shall include an analysis and comparison, by the Director, of the perform- ance of the enterprise for the year and the tar- gets for the year under subsection (e). (2) Comment period The Director shall provide each enterprise an opportunity to comment on the determina- tion during the 30-day period beginning upon receipt by the enterprise of the notice. (g) Use of borrower income In monitoring the performance of each enter- prise pursuant to the housing goals under this section and evaluating such performance (for purposes of section 4566 of this title), the Direc- tor shall consider a mortgagor’s income to be such income at the time of origination of the mortgage. (h) Consideration of properties with rental units Mortgages financing two- to four-unit owner- occupied properties shall count toward the achievement of the single-family housing goals under this section, if such properties otherwise meet the requirements under this section, not- withstanding the use of one or more units for rental purposes. (i) Goals credit The Director shall determine whether an en- terprise shall receive full, partial, or no credit for a transaction toward achievement of any of the h

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