FHA Solvency Act of 2013

Summary

FHA Solvency Act of 2013 - Amends the National Housing Act with respect to mortgage insurance. Requires the Secretary of Housing and Urban Development (HUD) (who currently is merely authorized) to establish and collect annual premium payments in an amount between 0.55% and 2.0% (currently, not exceeding 1.5%) of the remaining insured principal balance. Directs the Secretary to review annually the amount of the annual and up-front premiums collected and the expected losses to the Mutual Mortgage Insurance Fund. Authorizes the Secretary to require a mortgagee to indemnify HUD for the loss if a mortgage executed by an approved or insured mortgagee contains such a material defect that the mortgage should not have been approved or endorsed for insurance, and a loan becomes delinquent within 36 months of such approval or endorsement leading to a default, or the Secretary pays a claim within 36 months after such approval or endorsement, regardless of whether the violation caused the mortgage default. Requires the Secretary to deposit any indemnified amounts collected in the Mutual Mortgage Insurance Fund. Revises requirements for review of mortgagee performance and specifications for application of the Secretary's authority to terminate approval of a mortgagee. Requires the Secretary to issue a single, uniform resource guide to inform lenders and servicers of the policies, processes, and procedures applicable to insured mortgages. Directs the Secretary to: (1) evaluate and revise as necessary the underwriting standards for mortgages eligible to be insured, and (2) ensure that the Fund attains a capital ratio of at least 3% (currently 2%) within 10 years after the enactment of this Act and maintains it at all times thereafter. Requires specified corrective actions, including imposition of premium surcharges, when the Fund is undercapitalized, significantly undercapitalized, or critically undercapitalized. Amends the Department of Housing and Urban Development Act to establish, within the Federal Housing Administration, a Deputy Assistant Secretary and Chief Risk Officer, appointed by the Secretary and responsible to the Federal Housing Commissioner for all matters relating to managing and mitigating risk to HUD mortgage insurance funds and ensuring the performance of insured mortgages. Amends the National Housing Act with respect to: (1) disclosure to the Secretary by an independent actuary of unforeseen events that occur after the annual independent actuarial study is completed but before it is submitted to Congress, and (2) the Home Equity Conversion Mortgage for elderly homeowners program. Requires the Comptroller General to study the relevant information disclosed by the Secretary in conjunction with the release of the annual actuarial report. Directs the Secretary to issue and publish its final rule to implement a proposed rule for limiting seller contributions towards purchase-related expenses of a borrower without reducing the maximum insured amount of an insured mortgage.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 25 July 2013

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 25 July 2013

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 31 July 2013

   Reported

   Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with amendments favorably.

   Source: Committee

4. 19 December 2013

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 275.

   Source: Calendars

5. 19 December 2013

   Reported

   Committee on Banking, Housing, and Urban Affairs. Reported by Senator Johnson SD, with amendments. With written report No. 113-129.

   Source: Committee

6. 19 December 2013

   Reported

   Committee on Banking, Housing, and Urban Affairs. Reported by Senator Johnson SD, with amendments. With written report No. 113-129.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Reported to Senate · 19 December 2013 · Download file
• Introduced in Senate · 25 July 2013 · Download file

Documents

6 official files

• Reported to Senate (text)

  Reported to Senate · EN · 19 December 2013

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• Reported to Senate (PDF)

  Reported to Senate · EN · 19 December 2013

  ViewDownloadOpen at official source

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• Reported to Senate with amendment(s)

  summary · EN · 19 December 2013

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  Vertaal document

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• Introduced in Senate (text)

  Introduced in Senate · EN · 25 July 2013

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 July 2013

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in Senate

  summary · EN · 25 July 2013

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Johnson, Tim [D-SD] · D · Sponsor
• Sen. Crapo, Mike [R-ID] · R · Sponsor
• · ssbk00 · Standing

Related records

• related to → A bill to assist the Secretary of Housing and Urban Development in stabilizing the Home Equity Conversion Mortgage program.