Page:United States Statutes at Large Volume 104 Part 5.djvu/1083

 PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4405 funds for the restoration of decent, safe, and sanitary housing within the areas described in subsection (a)(l). In implementing this section, the Secretary shall evaluate the natural hazards to which any permanent replacement housing is exposed and shall take appropriate action to mitigate such hazards. "(c) ELIGIBILITY. —Notwithstanding any other provision of this title, assistance allocated under this section shall be available to units of general local government and their agencies and to local nonprofit organizations, agencies, and corporations for the construction or rehabilitation of housing for agricultural employees and their families. "(d) WAIVER OF RURAL AREA REQUIREMENTS.—The Secretary may waive the application of the provisions of section 520 with respect to assistance under this section, as the Secretary considers appropriate. "(e) RURAL HOUSING INSURANCE FUND. —The Secretary is authorized to advance from the Rural Housing Insurance Fund such sums as may be necessary to meet the requirements of subsection (a)(l), subject to limits previously approved in appropriations Acts.". Subtitle C—Regulatory Programs SEC. 941. MORTGAGE SERVICING TRANSFER DISCLOSURE. The Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) is amended by inserting after section 5 the following new section: "SERVICING OF MORTGAGE LOANS AND ADMINISTRATION OF ESCROW ACCOUNTS "SEC. 6. (a) DISCLOSURE TO APPLICANT RELATING TO ASSIGNMENT, 12 USC 2605. SALE, OR TRANSFER OF LOAN SERVICING.— "(1) IN GENERAL.— Each person who makes a federally related mortgage loan shall disclose to each person who applies for any such loan, at the time of application for the loan— "(A) whether the servicing of any such loan may be assigned, sold, or transferred to any other person at any time while such loan is outstanding; "(B) for each of the most recent 3 calendar years completed (at the time of such application), the percentage (rounded to the nearest quartile) of loans made by such person for which the servicing has been assigned, sold, or transferred as of the end of the most recent calendar year completed, except that— "(i) for any loan application during the 12-month period beginning on the date of the enactment of the Cranston-Gonzalez National Affordable Housing Act, the information disclosed under this subparagraph may be for only the most recent calendar year completed, and for any loan application during the 12-month period beginning 1 year after the date of the enactment of the Cranston-Gonzalez National Affordable Housing Act, the information disclosed under this subparagraph may be for the most recent 2 calendar years completed; and

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