Page:United States Statutes at Large Volume 124.djvu/2545

 124 STAT. 2519 PUBLIC LAW 111–240—SEPT. 27, 2010 ‘‘(C) transferring loan payments to the master servicing accounts; ‘‘(D) loan administration and servicing; ‘‘(E) systematic and timely reporting of loan perform- ance through remittance and servicing reports; ‘‘(F) proper measurement of annual outstanding loan requirements; and ‘‘(G) all other duties and related services that are cus- tomarily expected of servicers. ‘‘(4) DUTIES OF MASTER SERVICER.—The duties of a master servicer shall include— ‘‘(A) tracking the movement of funds between the accounts of the master servicer and any other servicer; ‘‘(B) ensuring orderly receipt of the monthly remittance and servicing reports of the servicer; ‘‘(C) monitoring the collection comments and fore- closure actions; ‘‘(D) aggregating the reporting and distribution of funds to trustees and investors; ‘‘(E) removing and replacing a servicer, as necessary; ‘‘(F) loan administration and servicing; ‘‘(G) systematic and timely reporting of loan perform- ance compiled from all bond servicers’ reports; ‘‘(H) proper distribution of funds to investors; and ‘‘(I) all other duties and related services that are cus- tomarily expected of a master servicer. ‘‘(g) FEES.— ‘‘(1) IN GENERAL.—A qualified issuer that receives a guar- antee issued under this section on a bond or note shall pay a fee to the Secretary, in an amount equal to 10 basis points of the amount of the unpaid principal of the bond or note guaranteed. ‘‘(2) PAYMENT.—A qualified issuer shall pay the fee required under this subsection on an annual basis. ‘‘(3) USE OF FEES.—Fees collected by the Secretary under this subsection shall be used to reimburse the Department of the Treasury for any administrative costs incurred by the Department in implementing the Program established under this section. ‘‘(h) AUTHORIZATION OF APPROPRIATIONS.— ‘‘(1) IN GENERAL.—There are authorized to be appropriated to the Secretary, such sums as are necessary to carry out this section. ‘‘(2) USE OF FEES.—To the extent that the amount of funds appropriated for a fiscal year under paragraph (1) are not sufficient to carry out this section, the Secretary may use the fees collected under subsection (g) for the cost of providing guarantees of bonds and notes under this section. ‘‘(i) INVESTMENT IN GUARANTEED BONDS INELIGIBLE FOR COMMUNITY REINVESTMENT ACT PURPOSES.—Notwithstanding any other provision of law, any investment by a financial institution in bonds or notes guaranteed under the Program shall not be taken into account in assessing the record of such institution for purposes of the Community Reinvestment Act of 1977 (12 U.S.C. 2901). ‘‘(j) ADMINISTRATION.— Deadlines.