[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6340 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 6340
To provide for mortgage forbearance during the COVID-19 emergency, and
for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 23, 2020
Mr. Clay introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To provide for mortgage forbearance during the COVID-19 emergency, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. MORTGAGE FORBEARANCE.
(a) Findings.--
(1) Findings.--Congress finds that--
(A) the collection of debts involves the use of the
mails and wires and other instrumentalities of
interstate commerce;
(B) at times of major disaster or emergency, the
income of consumers is often impaired and their
necessary daily expenses often increase;
(C) temporary forbearance benefits not only
consumer and small business debtors, but also other
creditors by avoiding downward collateral price spirals
triggered by an increase in foreclosure activity;
(D) without forbearance, many consumers and small
businesses are unlikely to be able to pay their
obligations according to their original terms and are
likely to default on obligations or file for
bankruptcy, resulting in reduced recoveries for
creditors, and in the case of bankruptcy, no recovery
of unaccrued interest;
(E) with forbearance, creditors are likely to
realize greater long-term value because consumers and
small businesses will be more likely to be able to
repay their obligations after the major disaster or
emergency has subsided;
(F) the legislative and administrative response to
major disasters and emergencies may consist of multiple
components divided among different statutes and
programs; and
(G) when evaluating whether property has been taken
from a person without just compensation, a holistic
evaluation of the burdens and benefits of all
legislative and administrative responses, including
indirect benefits from macroeconomic stabilization, is
appropriate.
(2) Further findings regarding mortgage forbearance.--
Congress further finds that--
(A) ensuring that consumers are able to remain in
their residences reduces the disruptions and economic
harm caused by such disasters and emergencies by
ensuring that consumers are able to continue their
existing employment, education, childcare, and
healthcare arrangements, which are often geographically
based;
(B) temporary forbearance on residential mortgages
is therefore critical to fostering economic recovery
and stability in the wake of major disasters or
emergencies;
(C) temporary mortgage forbearance during a
declared disaster benefits not only mortgagors, but
also mortgagees because mortgagors' ability to pay is
likely to be restored after a disaster or emergency
subsides, so forbearance may increase mortgagors' total
recovery. Without forbearance, mortgagors are likely to
default or file for bankruptcy, resulting in
significant losses for mortgagees; and
(D) temporary mortgage forbearance during a
declared disaster also benefits the mortgagees of other
properties because housing prices are geographically
and serially correlated so an increase in foreclosures
can drive down the value of collateral for all mortgage
lenders, further destabilizing the economy.
(3) Further findings regarding mortgage servicers.--
Congress further finds that--
(A) mortgage servicers are often contractually
obligated to advance scheduled mortgage payments to
securitization investors, irrespective of whether the
servicer collects the payment from the mortgagor;
(B) mortgage servicers are often thinly capitalized
and with limited capacity for engaging in large scale
advancing of payments to securitization investors;
(C) securitization investors have long been aware
of servicers' thin capitalization;
(D) in the wake of the 2008 financial crisis,
several servicers had difficulty obtaining sufficiently
liquidity to make advances;
(E) mortgage servicing is a heavily regulated
industry;
(F) in response to the 2008 financial crisis,
Congress created a safe harbor for mortgage servicers
that undertook loan modifications;
(G) in response to the 2008 financial crisis, the
Home Affordable Modification Program paid mortgage
servicers to undertake loan modifications;
(H) as part of the 2012 joint State-Federal
National Mortgage Settlement, mortgage servicers
committed to undertaking loan modifications; and
(I) investors in mortgage securitizations are or
should be aware of servicers' thin capitalization,
liquidity constraints, the extent and history of
servicing regulation and therefore do not have a
reasonable expectation that the terms of servicing
contracts will be enforceable at times of national
financial crisis.
(4) Determination.--It is the sense of the Congress that,
on the basis of the findings described under paragraphs (1),
(2), and (3), the Congress determines that the provisions of
this Act are necessary and proper for the purpose of carrying
into execution the powers of the Congress to regulate commerce
among the several States and to establish uniform bankruptcy
laws.
(b) Prohibition on Foreclosures and Repossessions During the COVID-
19 Emergency.--
(1) Prohibition on foreclosures.--The Real Estate
Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) is
amended--
(A) in section 3 (12 U.S.C. 2602)--
(i) in paragraph (8), by striking ``and''
at the end;
(ii) in paragraph (9), by striking the
period at the end and inserting ``; and''; and
(iii) by adding at the end the following:
``(10) the term `COVID-19 emergency' means the period that
begins upon the date of the enactment of this Act and ends on
the date of the termination by the Federal Emergency Management
Agency of the emergency declared on March 13, 2020, by the
President under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to
the Coronavirus Disease 2019 (COVID-19) pandemic.''; and
(B) in section 6(k)(1) (12 U.S.C. 2605(k)(1))--
(i) in subparagraph (D), by striking ``or''
at the end;
(ii) by redesignating subparagraph (E) as
subparagraph (G); and
(iii) by inserting after subparagraph (D)
the following:
``(E) commence or continue any judicial foreclosure
action or non-judicial foreclosure process or any
action to evict a consumer following a foreclosure
during the COVID-19 emergency or the 180-day period
following such emergency (except that such prohibition
shall not apply to a mortgage secured by a dwelling
that the servicer has determined after exercising
reasonable diligence is vacant or abandoned);
``(F) fail to toll the time in a foreclosure
process on a property during the COVID-19 emergency or
the 180-day period following such emergency (except
that such prohibition shall not apply to a mortgage
secured by a dwelling that the servicer has determined
after exercising reasonable diligence is vacant or
abandoned); or''.
(2) Repossession prohibition.--During the COVID-19
emergency and for the 180-day period following such emergency,
a servicer of a consumer loan secured by a manufactured home or
a motor vehicle may not repossess such home or vehicle.
(c) Forbearance of Residential Mortgage Loan Payments for Single
Family Properties (1-4 Units).--Section 6 of the Real Estate Settlement
Procedures Act of 1974 (12 U.S.C. 2605) is amended by adding at the end
the following:
``(n) Forbearance During the COVID-19 Emergency.--
``(1) Consumer right to request a forbearance.--
``(A) Request for forbearance.--A borrower
experiencing a financial hardship during the COVID-19
emergency may request forbearance from any mortgage
obligation, regardless of delinquency status, by
submitting a request to the borrower's servicer, either
orally or in writing, affirming that the borrower is
experiencing hardship during the COVID-19 emergency. A
borrower shall not be required to provide any
additional documentation to receive such forbearance.
``(B) Length of forbearance; extension.--A
forbearance requested pursuant to subparagraph (A)
shall be provided for a period of 180 days, and may be
extended upon request of the borrower for an additional
180 days.
``(C) Treatment of tenants.--A borrower receiving a
forbearance under this subsection with respect to a
mortgage secured by a dwelling that has tenants,
whether or not the borrower also lives in the dwelling,
shall provide the tenants with rent relief for a period
not less than the period covered by the forbearance.
``(2) Automatic forbearance for delinquent borrowers.--
``(A) In general.--Notwithstanding any other law
governing forbearance relief, during the COVID-19
emergency, any borrower who is or becomes 60 days or
more delinquent on a mortgage obligation shall
automatically be granted a 180-day forbearance, which
may be extended upon request of the borrower for an
additional 180 days. Such a borrower may elect to
continue making regular payments by notifying the
servicer of the mortgage obligation of such election.
``(B) Notice to borrower.--The servicer of a
mortgage obligation placed in forbearance pursuant to
subparagraph (A) shall provide the borrower written
notification of the forbearance and its duration as
well as information about available loss mitigation
options and the right to end the forbearance and resume
making regular payments.
``(C) Treatment of payments during forbearance.--
Any payments made by the borrower during the
forbearance period shall be credited to the borrower's
account in accordance with section 129F of the Truth in
Lending Act (15 U.S.C. 1639f) or as the borrower may
otherwise instruct that is consistent with the terms of
the mortgage loan contract.
``(3) Requirements for servicers.--
``(A) Notification.--
``(i) In general.--Each servicer of a
federally related mortgage loan shall notify
the borrower of their right to request
forbearance under paragraph (1)--
``(I) not later than 14 days after
the date of enactment of this
subsection; and
``(II) until the end of COVID-19
emergency--
``(aa) on each periodic
statement provided to the
borrower; and
``(bb) in any oral or
written communication by the
servicer with or to the
borrower.
``(ii) Manner of notification.--
``(I) Written notification.--Any
written notification required under
this section--
``(aa) shall be provided--
``(AA) in English
and Spanish and in any
additional languages in
which the servicer
communicates, including
the language in which
the loan was
negotiated, to the
extent known by the
servicer; and
``(BB) at least as
clearly and
conspicuously as the
most clear and
conspicuous disclosure
on the document;
``(bb) shall include the
notification of the
availability of language
assistance and housing
counseling produced by the
Federal Housing Finance Agency
under subsection (o); and
``(cc) may be provided by
first-class mail or
electronically, if the borrower
has otherwise consented to
electronic communication with
the servicer and has not
revoked such consent.
``(II) Oral notification.--Any oral
notification required under clause (i)
shall be provided in the language the
servicer otherwise uses to communicate
with the borrower.
``(III) Written translations.--In
providing written notifications in
languages other than English under
subclause (I), a servicer may rely on
written translations developed by the
Federal Housing Finance Agency or the
Bureau.
``(B) Other requirements.--
``(i) Forbearance required.--Upon receiving
a request for forbearance from a consumer under
paragraph (1) or placing a borrower in
automatic forbearance under paragraph (2), a
servicer shall provide the forbearance for not
less than 180 days, and an additional 180 days
at the request of the borrower, provided that
the borrower will have the option to
discontinue the forbearance at any time.
``(ii) Prohibition on fees, penalties, and
interest.--During the period of a forbearance
under this subsection, no fees, penalties or
additional interest beyond the amounts
scheduled or calculated as if the borrower made
all contractual payments on time and in full
under the terms of the mortgage contract in
effect at the time the borrower enters into the
forbearance shall accrue.
``(iii) Treatment of escrow payments.--If a
borrower in forbearance under this subsection
is required to make payments to an escrow
account, the servicer shall pay or advance the
escrow disbursements in a timely manner
(defined as on or before the deadline to avoid
a penalty), regardless of the status of the
borrower's payments. The servicer may collect
any resulting escrow shortage or deficiency
from the borrower after the forbearance period
ends, in a lump sum payment, spread over 60
months, or capitalized into the loan, at the
borrower's election.''.
(d) Notification of Language Assistance and Housing Counseling.--
Section 6 of the Real Estate Settlement Procedures Act of 1974 (12
U.S.C. 2605), as amended by subsection (c), is further amended by
adding at the end the following:
``(o) Notification of Language Assistance and Housing Counseling.--
``(1) In general.--The Federal Housing Finance Agency
shall, within 30 days of the date of enactment of this Act,
make available a document providing notice of the availability
of language assistance and housing counseling in substantially
the same form, and in at least the same languages, as the
existing Language Translation Disclosure.
``(2) Minimum requirement.--The document described under
subsection (a) shall include the notice in at least all the
languages for which Federal Housing Finance Agency currently
has translations on its existing Language Translation
Disclosure available.
``(3) Provision to servicers.--The Federal Housing Finance
Agency shall make this document available to servicers to
fulfill their requirements under subsection (n).''.
(e) United States Department of Agriculture Direct Loan Program.--
Section 505 of the Housing Act of 1949 (42 U.S.C. 1475) is amended--
(1) by redesignating subsection (b) as subsection (c); and
(2) by inserting after subsection (a) the following:
``(b) Loan Modification.--
``(1) In general.--The Secretary shall implement a loan
modification program to modify the terms of outstanding loans
for borrowers who face financial hardship.
``(2) Affordable payments.--The Secretary's loan
modification program under paragraph (1) shall be designed so
as to provide affordable payments for borrowers. In defining
`affordable payments' the Secretary shall consult definitions
of affordability promulgated by the Federal Housing Finance
Authority, the Department of Housing and Urban Development, and
the Bureau of Consumer Financial Protection.
``(3) Additional program requirements.--The Secretary's
loan modification program under paragraph (1) shall allow for
measures including extension of the remaining loan term to up
to 480 months and a reduction in interest rate to the market
interest rate as defined by regulations of the Secretary. The
modification program shall be available for borrowers in a
moratorium and for borrowers not already in a moratorium who
qualify under the terms established by the Secretary. The
Secretary may also establish reasonable additional measures for
providing affordable loan modifications to borrowers.'';
(3) in subsection (c), as so redesignated, by adding at the
end the following: ``Acceleration of the promissory note and
initiation of foreclosure proceedings shall not terminate a
borrower's eligibility for a moratorium, loan reamortization,
special servicing, or other foreclosure alternative.''; and
(4) by adding at the end the following:
``(d) Requirement.--The Secretary shall comply with subsection
(k)(1), (n), and (o) of section 6 of the Real Estate Settlement
Procedures Act of 1974 with respect to any single-family loans it holds
or services.''.
(f) Forbearance of Residential Mortgage Loan Payments for
Multifamily Properties (5+ Units).--
(1) In general.--During the COVID-19 emergency, a
multifamily borrower experiencing a financial hardship due,
directly or indirectly, to the COVID-19 emergency may request a
forbearance under the terms set forth in this section.
(2) Request for relief.--A multifamily borrower may submit
a request for forbearance under paragraph (1) to the borrower's
servicer, either orally or in writing, affirming that the
multifamily borrower is experiencing hardship during the COVID-
19 emergency.
(3) Forbearance period.--
(A) In general.--Upon receipt of an oral or written
request for forbearance from a multifamily borrower, a
servicer shall--
(i) document the financial hardship;
(ii) provide the forbearance for not less
than 180 days; and
(iii) provide the forbearance for an
additional 180 days upon the request of the
borrower at least 30 days prior to the end of
the forbearance period described under
subparagraph (A).
(B) Right to discontinue.--A multifamily borrower
shall have the option to discontinue the forbearance at
any time.
(4) Renter protections.--During the term of a forbearance
under this section, a multifamily borrower may not--
(A) evict a tenant for nonpayment of rent; or
(B) apply or accrue any fees or other penalties on
renters for nonpayment of rent.
(5) Obligation to bring the loan current.--A multifamily
borrower shall bring a loan placed in forbearance under this
section current within the earlier of--
(A) 12 months after the conclusion of the
forbearance period; or
(B) receipt of any business interruption insurance
proceeds by the multifamily borrower.
(6) Definition.--For the purposes of this subsection, the
term ``multifamily borrower'' means a borrower of a residential
mortgage loan that is secured by a lien against a property
comprising five or more dwelling units.
(g) Federal Reserve Credit Facility for Mortgage Servicers.--
(1) In general.--The Board of Governors of the Federal
Reserve System and the Secretary of the Treasury, pursuant to
the authority granted under section 13(3) of the Federal
Reserve Act, directly (or indirectly through an intermediary,
such as the Federal National Mortgage Association, the Federal
Home Loan Mortgage Corporation, the Government National
Mortgage Association, an insured depository institution, non-
depository lending institution, or a special purpose vehicle)--
(A) shall extend credit to mortgage servicers and
other obligated advancing parties that in each case
have liquidity needs due to the COVID-19 emergency or
compliance with this Act with respect to mortgage loans
(the ``affected mortgages''); and
(B) may extend further credit to mortgage servicers
for other liquidity needs due to the actual or imminent
delinquency or default on mortgage loans due to the
COVID-19 emergency.
(2) Non-compliant servicers.--A mortgage servicer shall not
be eligible for assistance under paragraph (1) if the provider
is in violation of any requirement under this Act, and fails to
promptly cure any such violation upon notice or discovery
thereof.
(3) Payments and purchases.--Credit extended under
paragraph (1)(A) shall be in an amount sufficient to--
(A) cover--
(i) the pass-through payment of principal
and interest to mortgage-backed securities
holders;
(ii) the payment of taxes and insurance to
third parties; and
(iii) the temporary reimbursement of
modification costs and fees due to servicers
that will be deferred until such time as a
forbearance period terminates, due in each case
on, or in respect of, such affected mortgage
loans or related mortgage-backed securities;
and
(B) purchase affected mortgages from pools of
securitized mortgages.
(4) Collateral.--The credit authorized by this section
shall be secured by the pledgor's interest in accounts
receivable, loans, or related interests resulting from the
payment advances made on the affected mortgages by the mortgage
servicers.
(5) Credit support.--The Secretary of the Treasury shall
provide credit support to the Board of Governors of the Federal
Reserve System for the program required by this section.
(6) Conflict with other laws.--Notwithstanding any Federal
or State law to the contrary, the Federal National Mortgage
Association, the Federal Home Loan Mortgage Corporation, and
the Government National Mortgage Association may permit the
pledge or grant of a security interest in the pledgor's
interest in such accounts receivable or loans or related
interests and honor or permit the enforcement of such pledge or
grant in accordance with its terms.
(7) Duration.--The extension of credit by the Board of
Governors of the Federal Reserve System and credit support from
the Secretary of the Treasury under this section shall be
available until the later of--
(A) 6 months after the end of the COVID-19
emergency; and
(B) the date on which the Board of Governors of the
Federal Reserve System and the Secretary of the
Treasury determine such credit and credit support
should no longer be available to address the liquidity
concern addressed by this section.
(8) Amendments to national housing act.--Section 306(g)(1)
of the National Housing Act (12 U.S.C. 1721(g)(1)) is amended--
(A) by inserting the following new sentence after
the fourth sentence in the paragraph: ``In any case in
which (I) the President declares a major disaster or
emergency for the Nation or any area that in either
case has been affected by damage or other adverse
effects of sufficient severity and magnitude to warrant
major disaster assistance under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act or other
Federal law, (II) upon request of an Issuer of any
security, the Association elects to extend to the
Issuer one or more of the disaster assistance or
emergency programs that the Association determines to
be available to account for the Issuer's failure or
anticipated failure to receive from the mortgagor the
full amount of principal and interest due, then (III)
the Association may elect not to declare the Issuer to
be in default because of such request for such disaster
or emergency assistance.'';
(B) by inserting after the word ``issued'' in the
sixth sentence, as redesignated, the following:
``subject to any pledge or grant of security interest
of the pledgor's interest in and to any such mortgage
or mortgages or any interest therein and the proceeds
thereon, which the Association may elect to approve;'';
and
(C) by inserting after the word ``issued'' in the
seventh sentence, as redesignated, the following: ``,
or (D) its approval and honoring of any pledge or grant
of security interest of the pledgor's interest in and
to any such mortgage or mortgages or any interest
therein and proceeds thereon.''.
(h) Safe Harbor.--
(1) In general.--Notwithstanding any other provision of
law, whenever a servicer of residential mortgages of
residential mortgage-backed securities--
(A) grants a borrower relief under section 6(n) and
6(p) of the Real Estate Settlement Procedures Act of
1974 with respect to a residential mortgage originated
before April 1, 2020, including a mortgage held in a
securitization or other investment vehicle; and
(B) the servicer or trustee or issuer owes a duty
to investors or other parties regarding the standard
for servicing such mortgage,
the servicer shall be deemed to have satisfied such a duty, and
the servicer shall not be liable to any party who is owed such
a duty and shall not be subject to any injunction, stay, or
other equitable relief to such party, based upon its good faith
compliance with the provisions of 6(n) and 6(p) of the Real
Estate Settlement Procedures Act of 1974. Any person, including
a trustee or issuer, who cooperates with a servicer when such
cooperation is necessary for the servicer to implement the
provisions of 6(n) and 6(p) of the Real Estate Settlement
Procedures Act of 1974 shall be protected from liability in the
same manner.
(2) Standard industry practice.--Compliance with 6(n) and
6(p) of the Real Estate Settlement Procedures Act of 1974
during the COVID-19 emergency shall constitute standard
industry practice for purposes of all Federal and State laws.
(3) Definitions.--As used in this subsection--
(A) the term ``servicer'' has the meaning given
that term under section 6(i)(2) of the Real Estate
Settlement Procedures Act of 1974 (12 U.S.C.
2605(i)(2)); and
(B) the term ``securitization vehicle'' has the
meaning given that term under section 129A(f)(3) of the
Truth in Lending Act (15 U.S.C. 1639a(f)(3)).
(4) Rule of construction.--No provision of paragraph (1) or
(2) shall be construed as affecting the liability of any
servicer or person for actual fraud in servicing of a loan or
for the violation of a State or Federal law.
(i) Post-Pandemic Mortgage Repayment Options.--Section 6 of the
Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605), as
amended by subsection (d), is further amended by adding at the end the
following:
``(p) Post-Pandemic Mortgage Repayment Options.--With respect to a
federally related residential mortgage loan, before the end of any
forbearance provided under subsection (n), servicers shall--
``(1) evaluate the borrower's ability to return to making
regular mortgage payments;
``(2) if the borrower is able to return to making regular
mortgage payments at the end of the forbearance period--
``(A) modify the borrower's loan to extend the term
for the same period as the length of the forbearance,
with all payments that were not made during the
forbearance distributed at the same intervals as the
borrower's existing payment schedule and evenly
distributed across those intervals, with no penalties,
late fees, additional interest accrued beyond the
amounts scheduled or calculated as if the borrower made
all contractual payments on time and in full under the
terms of the mortgage contract in effect at the time
the borrower entered into the forbearance, and with no
modification fee charged to the borrower; or
``(B) if the borrower elects to modify the loan to
capitalize a resulting escrow shortage or deficiency,
the servicer may modify the borrower's loan by re-
amortizing the principal balance and extending the term
of the loan sufficient to maintain the regular mortgage
payments; and
``(C) notify the borrower in writing of the
extension, including provision of a new payment
schedule and date of maturity, and that the borrower
shall have the election of prepaying the suspended
payments at any time, in a lump sum or otherwise;
``(3) if the borrower is financially unable to return to
making periodic mortgage payments as provided for in the
mortgage contract at the end of the COVID-19 emergency--
``(A) evaluate the borrower for all loan
modification options, without regard to whether the
borrower has previously requested, been offered, or
provided a loan modification or other loss mitigation
option and without any requirement that the borrower
come current before such evaluation or as a condition
of eligibility for such modification, including--
``(i) further extending the borrower's
repayment period;
``(ii) reducing the principal balance of
the loan; or
``(iii) other modification or loss
mitigation options available to the servicer
under the terms of any investor requirements
and existing laws and policies; and
``(B) if the borrower qualifies for such a
modification, the service shall offer a loan with such
terms as to provide a loan with such terms as to
provide an affordable payment, with no penalties, late
fees, additional interest beyond the amounts scheduled
or calculated as if the borrower made all contractual
payments on time and in full under the terms of the
mortgage contract in effect at the time the borrower
entered into the forbearance, and with no modification
fees charged to the borrower; and
``(4) if a borrower is granted a forbearance on payments
that would be owed pursuant to a trial loan modification plan--
``(A) any forbearance of payments shall not be
treated as missed or delinquent payments or otherwise
negatively affect the borrower's ability to complete
their trial plan;
``(B) any past due amounts as of the end of the
trial period, including unpaid interest, real estate
taxes, insurance premiums, and assessments paid on the
borrower's behalf, will be added to the mortgage loan
balance, but only to the extent that such charges are
not fees associated with the granting of the
forbearance, such as late fees, modification fees, or
unpaid interest from the period of the forbearance
beyond the amounts scheduled or calculated as if the
borrower made all contractual payments on time and in
full under the terms of the mortgage contract in effect
at the time the borrower entered into the forbearance;
and
``(C) if the borrower is unable to resume payments
on the trial modification at the end of the forbearance
period, re-evaluate the borrower for all available loan
modifications under paragraph 3, without any
requirement that the borrower become current before
such evaluation or as a condition of eligibility for
such modification.''.
(j) Claims of Affected Investors and Other Parties.--Any action
asserting a taking under the Fifth Amendment to the Constitution of the
United States as a result of this subsection shall be brought not later
than 180 days after the end of the COVID-19 emergency.
(k) Extension of the GSE Patch.--The Director of the Bureau of
Consumer Financial Protection shall revise section
1026.43(e)(4)(iii)(B) of title 12, Code of Federal Regulations, to
extend the sunset of the special rule provided under such section
1026.43(e)(4) until January 1, 2022, or such later date as may be
determined by the Bureau.
(l) Definitions.--In this section:
(1) COVID-19 emergency.--The term ``COVID-19 emergency''
means the period that begins upon the date of the enactment of
this Act and ends on the date of the termination by the Federal
Emergency Management Agency of the emergency declared on March
13, 2020, by the President under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et
seq.) relating to the Coronavirus Disease 2019 (COVID-19)
pandemic.
(2) Manufactured home.--The term ``manufactured home'' has
the meaning given that term under section 603 of the National
Manufactured Housing Construction and Safety Standards Act of
1974 (42 U.S.C. 5402).
(3) Motor vehicle.--The term ``motor vehicle'' has the
meaning given that term under Section 1029(f) of the Consumer
Financial Protection Act of 2010 (12 U.S.C. 5519(f)).
(4) Residential mortgage loan.--The term ``residential
mortgage loan'' means any consumer credit transaction that is
secured by a mortgage, deed of trust, or other equivalent
consensual security interest on residence consisting of a
single dwelling unit that is occupied by the mortgagor.
<all>