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106th CONGRESS
2d Session
H. R. 3637
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 24, 2000
Received; read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
AN ACT
To amend the Homeowners Protection Act of 1998 to make certain
technical corrections.
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 ``Private Mortgage Insurance Technical
Corrections and Clarification Act''.
SEC. 2. CHANGES IN AMORTIZATION SCHEDULE.
(a) Treatment of Adjustable Rate Mortgages.--The Homeowners
Protection Act of 1998 (12 U.S.C. 4901 et seq.) is amended--
(1) in section 2--
(A) in paragraph (2)(B)(i), by striking
``amortization schedules'' and inserting ``the
amortization schedule then in effect'';
(B) in paragraph (16)(B), by striking
``amortization schedules'' and inserting ``the
amortization schedule then in effect'';
(C) by redesignating paragraphs (6) through (16)
(as amended by the preceding provisions of this
paragraph) as paragraphs (8) through (18),
respectively; and
(D) by inserting after paragraph (5) the following
new paragraph:
``(6) Amortization schedule then in effect.--The term
`amortization schedule then in effect' means, with respect to
an adjustable rate mortgage, a schedule established at the time
at which the residential mortgage transaction is consummated
or, if such schedule has been changed or recalculated, is the
most recent schedule under the terms of the note or mortgage,
which shows--
``(A) the amount of principal and interest that is
due at regular intervals to retire the principal
balance and accrued interest over the remaining
amortization period of the loan; and
``(B) the unpaid balance of the loan after each
such scheduled payment is made.''; and
(2) in section 3(f)(1)(B)(ii), by striking ``amortization
schedules'' and inserting ``the amortization schedule then in
effect''.
(b) Treatment of Balloon Mortgages.--Paragraph (1) of section 2 of
the Homeowners Protection Act of 1998 (12 U.S.C. 4901(1)) is amended by
adding at the end the following new sentence: ``A residential mortgage
that (A) does not fully amortize over the term of the obligation, and
(B) contains a conditional right to refinance or modify the unamortized
principal at the maturity date of the term, shall be considered to be
an adjustable rate mortgage for purposes of this Act.''.
(c) Treatment of Loan Modifications.--
(1) In general.--Section 3 of the Homeowners Protection Act
of 1998 (12 U.S.C. 4902) is amended--
(A) by redesignating subsections (d) through (f) as
subsections (e) through (g), respectively; and
(B) by inserting after subsection (c) the following
new subsection:
``(d) Treatment of Loan Modifications.--If a mortgagor and
mortgagee (or holder of the mortgage) agree to a modification of the
terms or conditions of a loan pursuant to a residential mortgage
transaction, the cancellation date, termination date, or final
termination shall be recalculated to reflect the modified terms and
conditions of such loan.''.
(2) Conforming amendments.--Section 4(a) of the Homeowners
Protection Act of 1998 (12 U.S.C. 4903(a)) is amended--
(A) in paragraph (1)--
(i) in the matter preceding subparagraph
(A), by striking ``section 3(f)(1)'' and
inserting ``section 3(g)(1)'';
(ii) in subparagraph (A)(ii)(IV), by
striking ``section 3(f)'' and inserting
``section 3(g)''; and
(iii) in subparagraph (B)(iii), by striking
``section 3(f)'' and inserting ``section
3(g)''; and
(B) in paragraph (2), by striking ``section
3(f)(1)'' and inserting ``section 3(g)(1)''.
SEC. 3. DELETION OF AMBIGUOUS REFERENCES TO RESIDENTIAL MORTGAGES.
(a) Termination of Private Mortgage Insurance.--Section 3 of the
Homeowners Protection Act of 1998 (12 U.S.C. 4902) is amended--
(1) in subsection (c), by inserting ``on residential
mortgage transactions'' after ``imposed''; and
(2) in subsection (g) (as so redesignated by section
2(c)(1)(A) of this Act)--
(A) in paragraph (1), in the matter preceding
subparagraph (A), by striking ``mortgage or'';
(B) in paragraph (2), by striking ``mortgage or'';
and
(C) in paragraph (3), by striking ``mortgage or''
and inserting ``residential mortgage or residential''.
(b) Disclosure Requirements.--Section 4 of the Homeowners
Protection Act of 1998 (12 U.S.C. 4903(a)) is amended--
(1) in subsection (a)--
(A) in paragraph (1)--
(i) by striking ``mortgage or'' the first
place it appears; and
(ii) by striking ``mortgage or'' the second
place it appears and inserting ``residential'';
and
(B) in paragraph (2), by striking ``mortgage or''
and inserting ``residential'';
(2) in subsection (c), by striking ``paragraphs (1)(B) and
(3) of subsection (a)'' and inserting ``subsection (a)(3)'';
and
(3) in subsection (d), by inserting before the period at
the end the following: ``, which disclosures shall relate to
the mortgagor's rights under this Act''.
(c) Disclosure Requirements for Lender-Paid Mortgage Insurance.--
Section 6 of the Homeowners Protection Act of 1998 (12 U.S.C. 4905) is
amended--
(1) in subsection (c)--
(A) in the matter preceding paragraph (1), by
striking ``a residential mortgage or''; and
(B) in paragraph (2), by inserting ``transaction''
after ``residential mortgage''; and
(2) in subsection (d), by inserting ``transaction'' after
``residential mortgage''.
SEC. 4. CANCELLATION RIGHTS AFTER CANCELLATION DATE.
Section 3 of the Homeowners Protection Act of 1998 (12 U.S.C. 4902)
is amended--
(1) in subsection (a)--
(A) in the matter preceding paragraph (1), by
inserting after ``cancellation date'' the following:
``or any later date that the mortgagor fulfills all of
the requirements under paragraphs (1) through (4)'';
(B) in paragraph (2), by striking ``and'' at the
end;
(C) by redesignating paragraph (3) as paragraph
(4); and
(D) by inserting after paragraph (2) the following
new paragraph:
``(3) is current on the payments required by the terms of
the residential mortgage transaction; and''; and
(2) in subsection (e)(1)(B) (as so redesignated by section
2(c)(1)(A) of this Act), by striking ``subsection ``(a)(3)''
and inserting ``subsection (a)(4)''.
SEC. 5. CLARIFICATION OF CANCELLATION AND TERMINATION ISSUES AND LENDER
PAID MORTGAGE INSURANCE DISCLOSURE REQUIREMENTS.
(a) Good Payment History.--Section 2(4) of the Homeowners
Protection Act of 1998 (12 U.S.C. 4901(4)) is amended--
(1) in subparagraph (A)--
(A) by inserting ``the later of (i)'' before ``the
date''; and
(B) by inserting ``, or (ii) the date that the
mortgagor submits a request for cancellation under
section 3(a)(1)'' before the semicolon; and
(2) in subparagraph (B)--
(A) by inserting ``the later of (i)'' before ``the
date''; and
(B) by inserting ``, or (ii) the date that the
mortgagor submits a request for cancellation under
section 3(a)(1)'' before the period at the end.
(b) Automatic Termination.--Paragraph (2) of section 3(b) of the
Homeowners Protection Act of 1998 (12 U.S.C. 4902(b)(2)) is amended to
read as follows:
``(2) if the mortgagor is not current on the termination
date, on the first day of the first month beginning after the
date that the mortgagor becomes current on the payments
required by the terms of the residential mortgage
transaction.''.
(c) Premium Payments.--Section 3 of the Homeowners Protection Act
of 1998 (12 U.S.C. 4902) is amended by adding at the end the following
new subsection:
``(h) Accrued Obligation for Premium Payments.--The cancellation or
termination under this section of the private mortgage insurance of a
mortgagor shall not affect the rights of any mortgagee, servicer, or
mortgage insurer to enforce any obligation of such mortgagor for
premium payments accrued prior to the date on which such cancellation
or termination occurred.''.
SEC. 6. DEFINITIONS.
(a) Refinanced.--Section 6(c)(1)(B)(ii) of the Homeowners
Protection Act of 1998 (12 U.S.C. 4905(c)(1)(B)(ii)) is amended by
inserting after ``refinanced'' the following: ``(under the meaning
given such term in the regulations issued by the Board of Governors of
the Federal Reserve System to carry out the Truth in Lending Act (15
U.S.C. 1601 et seq.))''.
(b) Midpoint of the Amortization Period.--Section 2 of the
Homeowners Protection Act of 1998 (12 U.S.C. 4901) is amended by
inserting after paragraph (6) (as added by section 2(a)(1)(D) of this
Act) the following new paragraph:
``(7) Midpoint of the amortization period.--The term
``midpoint of the amortization period'' means, with respect to
a residential mortgage transaction, the point in time that is
halfway through the period that begins upon the first day of
the amortization period established at the time a residential
mortgage transaction is consummated and ends upon the
completion of the entire period over which the mortgage is
scheduled to be amortized.''.
(c) Original Value.--Section 2(12) of the Homeowners Protection Act
of 1998 (12 U.S.C. 4901(10)) (as so redesignated by section 2(a)(1)(C)
of this Act) is amended--
(1) by inserting ``transaction'' after ``a residential
mortgage''; and
(2) by adding at the end the following new sentence: ``In
the case of a residential mortgage transaction for refinancing
the principal residence of the mortgagor, such term means only
the appraised value relied upon by the mortgagee to approve the
refinance transaction.''.
(d) Principal Residence.--Section 2 of the Homeowners Protection
Act of 1998 (12 U.S.C. 4901) is amended--
(1) in paragraph (14) (as so redesignated by section
2(a)(1)(C) of this Act) by striking ``primary'' and inserting
``principal''; and
(2) in paragraph (15) (as so redesignated by section
2(a)(1)(C) of this Act) by striking ``primary'' and inserting
``principal''.
Passed the House of Representatives May 23, 2000.
Attest:
JEFF TRANDAHL,
Clerk.
Pages: 1 Other Popular 106th Congressional Bills Documents:
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