PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4139 "(A) the term 'area' shall have the meaning given the term under subsection (b)(2); "(B) the term 'mortgage charges' includes the interest rate, discount points, loan origination fee, and any other amount charged to a mortgagor with respect to an insured mortgage; and "(C) the term 'mortgage charge rate' means the amount of mortgage charges for an insured mortgage expressed as a percentage of the initial principal amount of the mortgage.". (b) SANCTIONS OF MORTGAGEES.—Title V of the National Housing Act (12 U.S.C. 1701 et seq.) is amended by adding at the end the following new section: Federal Register, publication. EXAMINATIONS AND SANCTIONS FOR CERTAIN VIOLATIONS " SEC. 539. (a) EXAMINATIONS AND SANCTIONS. — 12 USC "(1) In connection with any examination of a mortgagee I735f-17. approved by the Secretary pursuant to this Act, the Secretary shall assess the performance of the mortgagee in meeting the requirements of sections 203(t), 223(a)(7)(B), and 535. Where the Secretary determines that a mortgagee is not in compliance with these requirements, the Secretary shall refer the matter to the Mortgagee Review Board for investigation and appropriate action. "(2) Not later than 180 days after the date of the enactment of the Cranston-Gonzalez National Affordable Housing Act, the Secretary shall by notice establish a procedure under which (A) any person may file a request that the Secretary determine whether a mortgagee is in compliance with sections 203(t), 223(a)(7)(B), and 535, (B) the Secretary shall inform the person of the disposition of the request, and (C) the Secretary shall publish in the Federal Register the disposition of any case referred by the Secretary to the Mortgagee Review Board. Such procedures shall be established by regulation under section 553 of title 5, United States Code. The Secretary shall issue regula- Regulations. tions based on the initial notice before the expiration of the 8-month period beginning on the date of the notice. "(3) The Secretary shall submit to Congress, not less than Reports. annually, a report regarding any actions taken to carry out this section. The report shall include a list of all requests filed pursu£mt to paragraph (2) and any action taken pursuant to such requests." "(b) MONITORING AND REVIEW. — The Secretary shall continually monitor and undertake a thorough review of the implementation of this section to assess the impact of the section on the lending practices of mortgagees and the availability of mortgages insured under this Act. The Secretary shall monitor the availability of credit, the number and t5^e of lenders participating in the program, whether there is any change in the composition or practices of such lenders and any other factors the Secretary considers appropriate. The Secretary shall submit to the Congress findings detailing the results of such monitoring and review not later than 18 months after the enactment of the Cranston-Gonzalez National Affordable Housing Act.".
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