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) Annual independent actuarial study Section 202(a)(4) of the National Housing Act (12 U.S.C. 1708(a)(4)) is amended— (1) by striking The Secretary and inserting the following: (A) Definition In this paragraph, the term first-time homebuyer means a borrower for whom no consumer report (as defined in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a)) indicates that the borrower has or had a loan with a consumer purpose that is secured by a 1- to 4-unit residential real property. (B) Study and report The Secretary; and (2) in subparagraph (B), as so designated, by striking also and inserting detail how many loans were originated in each census tract to first-time homebuyers, as well as. (c) Annual report Section 203(w)(2) of the National Housing Act (12 U.S.C. 1709(w)(2)) is amended by inserting and first-time homebuyers (as defined in section 202(a)(4)(A)) after minority borrowers. (d) 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 a way that considers borrower default, refinancing of a mortgage that is not insured by the Federal Housing Administration, the Department of Veterans Affairs, or Rural Housing Service, 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 for whom no consumer report (as defined in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a)) indicates that the borrower has or had a loan with a consumer purpose that is secured by a 1- to 4-unit residential real property; 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.