Page:United States Statutes at Large Volume 122.djvu/2826

 12 2 STA T . 2 803PUBLIC LA W 110 – 28 9—J UL Y 30, 2008 ‘ ‘ (B)becondu c t ed i n a cco r dance w it h tit l e XI o f the F inancial In s titutions R efor m, Reco v er y , and E nforcement A ct of 198 9(1 2U.S . C . 3 331 et se q .) ‘‘(C) be com p leted by an appraiser who meets the com - petency requirements of the Uniform Standards of P rofes- sional Appraisal Practice; ‘‘( D ) be wholly consistent with the appraisal standards, practices, and procedures under section 2 0 2(e) of this Act that apply to all loans insured under this Act; and ‘‘(E) comply with the requirements of subsection ( g ) of this section (relating to appraisal independence). ‘‘(9) D OCUMENTA T I ON AN DV E R I F ICATION OF INCOME. — In complying with the F H A underwriting requirements under the H O PE for Homeowners Program under this section, the mort- gagee shall document and verify the income of the mortgagor or non-filing status by procuring (A) an income ta x return transcript of the income tax returns of the mortgagor, or(B) a copy of the income tax returns from the Internal Revenue Service, for the two most recent years for which the filing deadline for such years has passed and by any other method, in accordance with procedures and standards that the Board shall establish. ‘‘(10) M ORT G AGE FRAUD.— T he mortgagor shall not have been convicted under Federal or State law for fraud during the 10-year period ending upon the insurance of the mortgage under this section. ‘‘(11) PRIMAR Y RE S IDENCE.—The mortgagor shall provide documentation satisfactory in the determination of the Sec- retary to prove that the residence covered by the mortgage to be insured under this section is occupied by the mortgagor as the primary residence of the mortgagor, and that such resi- dence is the only residence in which the mortgagor has any present ownership interest. ‘‘(f) STUDY OF AUCTION OR BU LK REFINANCE PROGRAM.— ‘‘(1) STUDY.—The Board shall conduct a study of the need for and efficacy of an auction or bul k refinancing mechanism to facilitate refinancing of existing residential mortgages that are at risk for foreclosure into mortgages insured under this section. The study shall identify and examine various options for mechanisms under which lenders and servicers of such mortgages may make bids for forward commitments for such insurance in an expedited manner. ‘‘(2) CONTENT.— ‘‘(A) ANALYSIS.—The study required under paragraph (1) shall analy z e— ‘‘(i) the feasibility of establishing a mechanism that would facilitate the more rapid refinancing of bor- rowers at risk of foreclosure into performing mortgages insured under this section; ‘‘(ii) whether such a mechanism would provide an effective and efficient mechanism to reduce foreclosures on qualified existing mortgages; ‘‘(iii) whether the use of an auction or bulk refinance program is necessary to stabilize the housing market and reduce the impact of turmoil in that market on the economy of the United States; Procedu re s.Stan dards.

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