2018 US Code
Title 12 - Banks and Banking
Chapter 13 - National Housing
Subchapter II - Mortgage Insurance
Sec. 1715z-24 - Pilot program for automated process for borrowers without sufficient credit history
| 12 U.S.C. § 1715z-24 (2018) |
| §1715z–24. Pilot program for automated process for borrowers without sufficient credit history |
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(a) Establishment
The Secretary shall carry out a pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information for mortgagors and prospective mortgagors under mortgages on 1- to 4-family residences to be insured under this subchapter who have insufficient credit histories for determining their creditworthiness. Such alternative credit rating information may include rent, utilities, and insurance payment histories, and such other information as the Secretary considers appropriate. (b) ScopeThe Secretary may carry out the pilot program under this section on a limited basis or scope, and may consider limiting the program to first-time homebuyers. (c) LimitationIn any fiscal year, the aggregate number of mortgages insured pursuant to the automated process established under this section may not exceed 5 percent of the aggregate number of mortgages for 1- to 4-family residences insured by the Secretary under this subchapter during the preceding fiscal year. (d) SunsetAfter the expiration of the 5-year period beginning on July 30, 2008, the Secretary may not enter into any new commitment to insure any mortgage, or newly insure any mortgage, pursuant to the automated process established under this section. |
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(June 27, 1934, ch. 847, title II, §258, formerly §257, as added Pub. L. 110–289, div. B, title I, §2124(a), July 30, 2008, 122 Stat. 2839; renumbered §258, Pub. L. 111–22, div. A, title II, §202(c), May 20, 2009, 123 Stat. 1643.) |
| United States Code, 2018 Edition, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 13 - NATIONAL HOUSING SUBCHAPTER II - MORTGAGE INSURANCE Sec. 1715z-24 - Pilot program for automated process for borrowers without sufficient credit history |
| section 1715z-24 |
| 2018 |
| January 14, 2019 |
| No |
| standard |
| 122 Stat. 2839 123 Stat. 1643 |
| Public Law 110-289, Public Law 111-22 |
