12 U.S.C. § 5219a — Home Affordable Modification Program guidelines

(a) Net present value input data The Secretary^* of the Treasury (in this section referred to as the “Secretary”) must revise the supplemental directives and other guidelines for the Home Affordable Modification Program of the Making Home Affordable initiative of the Secretary of the Treasury, authorized under the Emergency Economic Stabilization Act of 2008 ( Public Law 110–343) [ 12 U.S.C. 5201 et seq.], to require each mortgage servicer participating in that program to provide each borrower under a mortgage whose request for a mortgage modification under the Program is denied with all borrower-related and mortgage-related input data used in any net present value (NPV) analyses performed in connection with the subject mortgage. that input data must be provided to the borrower at the time of that denial.

(b) Web-based site for NPV calculator and application (1) NPV calculator In carrying out the Home Affordable Modification Program, the Secretary must establish and maintain a site on the World Wide Web that provides a calculator for net present value analyses of a mortgage, based on the Secretary’s methodology for calculating that value, that mortgagors can use to enter information regarding their own mortgages and that provides a determination after entering that information regarding a mortgage of whether that mortgage would be accepted or rejected for modification under the Program, using that methodology. (2) Disclosure that Web site must also prominently disclose that each mortgage servicer participating in that Program may use a method for calculating net present value of a mortgage that is different than the method used by that calculator. (3) Application The Secretary must make a reasonable effort to include on that World Wide Web site a method for homeowners to apply for a mortgage modification under the Home Affordable Modification Program.

(c) Public availability of NPV methodology, computer model, and variables The Secretary must make publicly available, including by posting on a World Wide Web site of the Secretary— (1) the Secretary’s methodology and computer model, including all formulae used in that computer model, used for calculating net present value of a mortgage that is used by the calculator established under subsection (b); and (2) all non-proprietary variables used in that net present value analysis.