FHA reporting requirements on safety and soundness

(a) Monthly reporting on Mutual Mortgage Insurance Fund capital ratio Section 202(a) of the National Housing Act (12 U.S.C. 1708(a)) is amended by adding at the end the following: (8) Other required reporting The Secretary shall— (A) submit to Congress monthly reports on the capital ratio required under section 205(f)(2); and (B) notify Congress as soon as practicable after the Fund falls below the capital ratio required under section 205(f)(2).. (b) First-Time homebuyers (1) Definitions In this section— (A) the terms consumer report has the meaning given the term in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a); and (B) the term Federally backed mortgage loan has the meaning given the term in section 4022 of the CARES Act (15 U.S.C. 9056). (2) Definition of first-time homebuyer For purposes of qualifying for a Federally backed mortgage loan for which a consumer report is furnished to a creditor by a consumer reporting agency described in section 603(p) of the Fair Credit Reporting Act (15 U.S.C. 1681a(p)), a first-time homebuyer shall be defined as a borrower whose consumer report does not indicate that the borrower has or had a loan with a consumer purpose that is secured by a 1- to 4-unit residential real property. (c) GAO study on sustainable homeownership Not later than 180 days after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to Congress a report on— (1) the value for the Federal Housing Administration of defining what is sustainable homeownership in way that considers borrower default, refinancing to a non-insured mortgage product, paying off a mortgage loan and transitioning back to renting, and other factors that demonstrate whether insurance provided under title II of the National Housing Act (12 U.S.C. 1707 et seq.) has successfully served a borrower, including for first-time homebuyers as defined in subsection (b)(2); and (2) the feasibility of the Federal Housing Administration developing a scorecard using the metrics described in paragraph (1) to measure borrower performance and reporting the scorecard data to Congress.