Page:United States Statutes at Large Volume 124.djvu/2194

 124 STAT. 2168 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(A) CERTIFICATION.—The Secretary shall provide for the certification of various computer software programs for consumers to use in evaluating different residential mortgage loan proposals. The Secretary shall require, for such certification, that the mortgage software systems take into account— ‘‘(i) the consumer’s financial situation and the cost of maintaining a home, including insurance, taxes, and utilities; ‘‘(ii) the amount of time the consumer expects to remain in the home or expected time to maturity of the loan; and ‘‘(iii) such other factors as the Secretary considers appropriate to assist the consumer in evaluating whether to pay points, to lock in an interest rate, to select an adjustable or fixed rate loan, to select a conventional or government-insured or guaranteed loan and to make other choices during the loan applica- tion process. If the Secretary determines that available existing software is inadequate to assist consumers during the residential mortgage loan application process, the Secretary shall arrange for the development by private sector software companies of new mortgage software systems that meet the Secretary’s specifications. ‘‘(B) USE AND INITIAL AVAILABILITY.—Such certified computer software programs shall be used to supplement, not replace, housing counseling. The Secretary shall provide that such programs are initially used only in connection with the assistance of housing counselors certified pursuant to subsection (e). ‘‘(C) AVAILABILITY.—After a period of initial availability under subparagraph (B) as the Secretary considers appro- priate, the Secretary shall take reasonable steps to make mortgage software systems certified pursuant to this para- graph widely available through the Internet and at public locations, including public libraries, senior-citizen centers, public housing sites, offices of public housing agencies that administer rental housing assistance vouchers, and housing counseling centers. ‘‘(D) BUDGET COMPLIANCE.—This paragraph shall be effective only to the extent that amounts to carry out this paragraph are made available in advance in appropria- tions Acts. ‘‘(4) NATIONAL PUBLIC SERVICE MULTIMEDIA CAMPAIGNS TO PROMOTE HOUSING COUNSELING.— ‘‘(A) IN GENERAL.—The Director of Housing Counseling shall develop, implement, and conduct national public service multimedia campaigns designed to make persons facing mortgage foreclosure, persons considering a subprime mortgage loan to purchase a home, elderly per- sons, persons who face language barriers, low-income per- sons, minorities, and other potentially vulnerable con- sumers aware that it is advisable, before seeking or maintaining a residential mortgage loan, to obtain homeownership counseling from an unbiased and reliable Web posting.