Page:United States Statutes at Large Volume 101 Part 3.djvu/614

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PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 1912

PUBLIC LAW 100-242—FEB. 5, 1988

"(2) Not later than March 30, 1992, the Secretary shall submit to Congress a preliminary evaluation of the program authorized jail in this section. Such evaluation shall include an updated report on the matters referred to in paragraph (1) and shall in addition— "(A) describe the types of mortgages appropriate for inclusion in such program; "(B) describe any changes in the insurance programs under this title, or in other Federal regulatory provisions, determined to be appropriate; Insur£ince. "(C) describe any risk created under such mortgages to mortgagors and mortgagees or the insurance programs under this title, and whether the risk is adequately covered by the premiums under the insurance programs; Aged persons. "(D) evaluate whether such program has improved the financial situation or otherwise met the special needs of participating elderly homeowners; "(E) evaluate whether such program has included appropriate safeguards for mortgagors to offset the special risks of such mortgages; and "(F) evaluate whether home equity conversion mortgages have a potential for acceptance in the mortgage markets. "(3) The preliminary evaluation shall incorporate comments and recommendations solicited by the Secretary from the Board of Governors of the Federal Reserve System, the Secretary of Health and Human Services, the Federal Council on Aging, Federal Home Loan Bank Board, the Comptroller of the Currency, and the National Credit Union Administration Board regarding any of the matters referred to in paragraph (1) or (2). t "(4) Following submission of the preliminary evaluation, the Secretary shall, on a biennial basis, submit to the Congress an updated report and evaluation covering the period since the most recent report under this subsection and shall include analysis of the repayment of the home equity conversion mortgages under this demonstration during such period.". 12 USC 1715Z-20 (b) REGULATIONS.—The Secretary of Housing and Urban Developnote. ment shall— (1) not later than 6 months after the date of enactment of this Act, consult with lenders, insurers, and organizations and individuals with expertise in home equity conversion in developing proposed regulations implementing section 254 of the National Housing Act; and (2) not later than 9 months after the date of the enactment of this Act, issue proposed regulations implementing section 254 of .(?<? the National Housing Act. SEC. 418. ASSURANCE OF ADEQUATE PROCESSING OF APPLICATIONS FOR LOAN AND MORTGAGE INSURANCE.

Title V of the National Housing Act (as amended by section 407 of this Act) is amended by adding at the end the following new section: ASSURANCE OF ADEQUATE PROCESSING OF APPLICATIONS FOR LOAN AND MORTGAGE INSURANCE 12 USC 1735f-12.

"SEC. 534. In order to ensure the adequate processing of applications for insurance of loans and mortgages under this Act, the