12 U.S.C. § 1715z–25 — Mortgage modification data collecting and reporting

(a) No later than 120 days after May 20, 2009, and every quarter after that, the Comptroller of the Currency and the Director of the Office of Thrift Supervision must jointly report to the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee on the number and types of mortgage modifications reported to their offices during the previous quarter. The report must include: (1) A copy of the data-collection form then used by those offices for loan modifications. (2) For each State, the number of modifications that resulted in: (A) Adding overdue payments and fees to loan balances; (B) reducing or freezing interest rates; (C) extending the loan term; (D) reducing principal; (E) deferring principal; or (F) combining modifications described in (A) through (E). (3) For each State, the number of modifications under which the total monthly principal-and-interest payment: (A) increased; (B) stayed the same; (C) decreased by less than 10 percent; (D) decreased by 10 percent to less than 20 percent; or (E) decreased by 20 percent or more. (4) For each State, the number of modified loans that later went into default, grouped by whether the modification resulted in: (A) higher monthly payments by the homeowner; (B) the same monthly payments; (C) lower payments by up to 10 percent; (D) lower payments by more than 10 percent but no more than 20 percent; or (E) lower payments by more than 20 percent. (b)(1)(A) No later than 60 days after May 20, 2009, the Comptroller and the Director must issue data-collection and reporting requirements for institutions covered by their mortgage-metrics reporting requirement. No later than 60 days after enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, they must update those requirements to reflect that Act's amendments to this section. (B) The requirements must collect all mortgage-modification data that the Comptroller and Director need to make the reports required by subsection (a). (2) The Comptroller must report all requirements established under paragraph (1) to each committee that receives the report required by subsection (a).