Anti Predatory Provisions:
- A new minimum underwriting standard would be enforced that will make lenders verify that borrowers can repay the loan.
- Ban payments to mortgage originators who steer borrowers into high-priced loans.
- Protection against prepayment penalties and abusive loan fees.
Data Enhancements:
- Data enhancements on HMDA (Home Mortgage Disclosure Data) which include loan terms and conditions & age of borrower.
- Data on the gender and race of the small business borrower so that we know whether woman and minority-owned small business are receiving loans and can start or expand their businesses.
- A default and foreclosure database that would be an early warning system enabling stakeholders to take action if the data shows a spike in foreclosures.
- A database of individual loan records in the Home Affordable Modification Program (HAMP) program. This will increase the accountability of the industry for modifying distressed loans.
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