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15 U.S.C. § 1639a — Duty of servicers of residential mortgages

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

15 U.S.C. § 1639a — Duty of servicers of residential mortgages

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Stable record: federal_law:legal_authorities:record_usc_ba86df843e8dff980e6799fe
Source file: Laws/federal/codes/united-states-code/title-15/section-1639a-duty-of-servicers-of-residential-mortgages--e7a7a98f6f.md
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Source location: Title 15, Chapter 41, § 1639a; chapter-041-consumer-credit-protection.md

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**(a) In general** Notwithstanding any other provision of law, whenever a servicer of residential mortgages agrees to enter into a qualified loss mitigation plan with respect to 1 or more residential mortgages originated before May 20, 2009, including mortgages held in a securitization or other investment vehicle— (1) to the extent that the servicer owes a duty to investors or other parties to maximize the net present value of such mortgages, the duty shall be construed to apply to all such investors and parties, and not to any individual party or group of parties; and (2) the servicer shall be deemed to have satisfied the duty set forth in paragraph (1) if, before December 31, 2012, the servicer implements a qualified loss mitigation plan that meets the following criteria: (A) Default on the payment of such mortgage has occurred, is imminent, or is reasonably foreseeable, as such terms are defined by guidelines issued by the Secretary of the Treasury or his designee under the Emergency Economic Stabilization Act of 2008 [[12 U.S.C. 5201](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5201&num=0&edition=prelim) et seq.]. (B) The mortgagor occupies the property securing the mortgage as his or her principal residence. (C) The servicer reasonably determined, consistent with the guidelines issued by the Secretary of the Treasury or his designee, that the application of such qualified loss mitigation plan to a mortgage or class of mortgages will likely provide an anticipated recovery on the outstanding principal mortgage debt that will exceed the anticipated recovery through foreclosures. **(b) No liability** A servicer that is deemed to be acting in the best interests of all investors or other parties under this section shall not be liable to any party who is owed a duty under subsection (a)(1), and shall not be subject to any injunction, stay, or other equitable relief to such party, based solely upon the implementation by the servicer of a qualified loss mitigation plan. **(c) Standard industry practice** The qualified loss mitigation plan guidelines issued by the Secretary of the Treasury under the Emergency Economic Stabilization Act of 2008 [[12 U.S.C. 5201](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5201&num=0&edition=prelim) et seq.] shall constitute standard industry practice for purposes of all Federal and State laws. **(d) Scope of safe harbor** Any person, including a trustee, issuer, and loan originator, shall not be liable for monetary damages or be subject to an injunction, stay, or other equitable relief, based solely upon the cooperation of such person with a servicer when such cooperation is necessary for the servicer to implement a qualified loss mitigation plan that meets the requirements of subsection (a). **(e) Reporting** Each servicer that engages in qualified loss mitigation plans under this section shall regularly report to the Secretary of the Treasury the extent, scope, and results of the servicer’s modification activities. The Secretary of the Treasury shall prescribe regulations or guidance specifying the form, content, and timing of such reports. **(f) Definitions** As used in this section— (1) the term “qualified loss mitigation plan” means— (A) a residential loan modification, workout, or other loss mitigation plan, including to the extent that the Secretary of the Treasury determines appropriate, a loan sale, real property disposition, trial modification, pre-foreclosure sale, and deed in lieu of foreclosure, that is described or authorized in guidelines issued by the Secretary of the Treasury or his designee under the Emergency Economic Stabilization Act of 2008 [[12 U.S.C. 5201](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5201&num=0&edition=prelim) et seq.]; and (B) a refinancing of a mortgage under the Hope for Homeowners program; (2) the term “servicer” means the person responsible for the servicing for others of residential mortgage loans (including of a pool of residential mortgage loans); and (3) the term “securitization vehicle” means a trust, special purpose entity, or other legal structure that is used to facilitate the issuing of securities, participation certificates, or similar instruments backed by or referring to a pool of assets that includes residential mortgages (or instruments that are related to residential mortgages such as credit-linked notes). **(g) Rule of construction** No provision of subsection (b) or (d) shall be construed as affecting the liability of any servicer or person as described in subsection (d) for actual fraud in the origination or servicing of a loan or in the implementation of a qualified loss mitigation plan, or for the violation of a State or Federal law, including laws regulating the origination of mortgage loans, commonly referred to as predatory lending laws.

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

12 U.S.C. § 5201 — Emergency treatment

All provisions of this chapter are designated as an emergency requirement and necessary to meet emergency needs pursuant to section 204(a) of S. Con. Res 11 So in original. Probably should be followed by a period. 21 (110th Congress), the concurrent resolution on the budget for fiscal year 2008 and rescissions of any amounts provided in this chapter shall not be counted for purposes of budget enforcement.

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

12 U.S.C. § 1702 — Short title

This chapter may be cited as the “National Housing Act.”

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

12 U.S.C. § 5211 — Purposes

The purposes of this chapter are— (1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States; and (2) to ensure that such authority and such facilities are used in a manner that— (A) protects home values, college funds, retirement accounts, and life savings; (B) preserves homeownership and promotes jobs and economic growth; (C) maximizes overall returns to the taxpayers of the United States; and (D) provides public accountability for the exercise of such authority.

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

12 U.S.C. § 5201 — Purposes

Page 1798 TITLE 12—BANKS AND BANKING § 5201 Sec. 5225. Graduated authorization to purchase. 5226. Oversight and audits. 5227. Study and report on margin authority. 5228. Funding. 5229. Judicial review and related matters. 5230. Termination of authority. 5231. Special Inspector General for the Troubled Asset Relief Program. 5231a. Public-Private Investment Program; addi- tional appropriations for the Special In- spector General for the Troubled Asset Re- lief Program. 5232. Credit reform. 5233. Congressional Oversight Panel. 5234. Cooperation with the FBI. 5235. Disclosures on exercise of loan authority. 5236. Exchange Stabilization Fund reimbursement. 5237. Authority to suspend mark-to-market ac- counting. 5238. Study on mark-to-market accounting. 5239. Recoupment. 5240. Preservation of authority. 5241. Temporary increase in deposit and share in- surance coverage. SUBCHAPTER II—BUDGET-RELATED PROVISIONS 5251. Information for congressional support agen- cies. 5252. Reports by the Office of Management and Budget and the Congressional Budget Of- fice. 5253. Emergency treatment. SUBCHAPTER III—TAX PROVISIONS 5261. Gain or loss from sale or exchange of certain preferred stock. § 5201. Purposes The purposes of this chapter are— (1) to immediately provide authority and fa- cilities that the Secretary of the Treasury can use to restore liquidity and stability to the fi- nancial system of the United States; and (2) to ensure that such authority and such facilities are used in a manner that— (A) protects home values, college funds, re- tirement accounts, and life savings; (B) preserves homeownership and promotes jobs and economic growth; (C) maximizes overall returns to the tax- payers of the United States; and (D) provide

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

15 U.S.C. § 1639a — Duty of servicers of residential mort-

Page 1506 TITLE 15—COMMERCE AND TRADE § 1639a the Federal Trade Commission, any violation of a regu- lation issued by the Federal Reserve Board pursuant to subsection (l)(2) of this section shall be treated as a vio- lation of a rule promulgated under section 57a of this title regarding unfair or deceptive acts or practices.’’ Subsecs. (n) to (q). Pub. L. 111–203, § 1433(a)(1), redesig- nated former subsecs. (j) to (m) as (n) to (q), respec- tively. Subsecs. (r) to (v). Pub. L. 111–203, § 1433(b)–(f), added subsecs. (r) to (v). 2009—Subsec. (m). Pub. L. 111–8 added subsec. (m). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by section 1100A(2), (9) of Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employ- ees. Amendment by sections 1432 and 1433 of Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of this title. § 1639a. Duty of servicers of residential mort- gages (a) In general Notwithstanding any other provision of law, whenever a servicer of residential mortgages agrees to enter into a qualified loss mitigation plan with respect to 1 or more residential mort- gages originated before May 20, 2009, including mortgages held in a securitization or other in- vestment vehicle— (1) to the extent that the servicer owes a duty to investors or other parties to maximize the net present value of such mortgages, the duty shall be construed

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