Summary

S. 3589: A bill to require the Comptroller of the Currency to establish a pilot program to facilitate communication between borrowers and servicers. Read More

Status

This bill was introduced on Sep 20, 2012, in a previous session of Congress, but was not passed.

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Date Introduced
Sep 20, 2012

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Bill Text

A BILL

To require the Comptroller of the Currency to establish a pilot program to facilitate communication between borrowers and servicers.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Mortgage Modification Outreach Act''.

SEC. 2. PILOT PROGRAM REGARDING LOAN MODIFICATION AND COMMUNICATION.

(a) Program Implementation.--Not later than 180 days after the date of enactment of this Act, the Comptroller shall, subject to such conditions and procedures as the Comptroller shall establish, implement a pilot program to determine the feasibility of requiring residential mortgage loan servicers to use their affiliated national bank consumer banking branches to provide to any of the servicer's residential mortgage borrowers applying for a loan modification the information described in subsection (b). (b) Information for Borrowers.--Each borrower described in subsection (a) shall, upon request by the borrower at a national bank consumer banking branch affiliated with the 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 their single point of contact in connection with a loan modification application for purposes of the pilot program under subsection (a); and (2) the address of a nearby location, within a reasonable distance of the borrower's current address, where the borrower may copy, fax, scan, transmit by overnight delivery, or mail or email documents to the borrower's...

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Bill Summary

S. 3589: A bill to require the Comptroller of the Currency to establish a pilot program to facilitate communication between borrowers and servicers.

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