(a) Annual reportsNot later than 1 year after July 30, 2008, and annually thereafter, the Director shall submit a report to Congress on the effectiveness of the provisions of this chapter, including legislative recommendations, if any, for strengthening consumer protections, enhancing examination standards, streamlining communication between all stakeholders involved in residential mortgage loan origination and processing, and establishing performance based bonding requirements for mortgage originators or institutions that employ such brokers.
(b) Legislative recommendationsNot later than 6 months after July 30, 2008, the Director shall make recommendations to Congress on legislative reforms to the Real Estate Settlement Procedures Act of 1974 [12 U.S.C. 2601 et seq.], that the Director deems appropriate to promote more transparent disclosures, allowing consumers to better shop and compare mortgage loan terms and settlement costs.
Structure US Code
CHAPTER 51— SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING
§ 5101. Purposes and methods for establishing a mortgage licensing system and registry
§ 5103. License or registration required
§ 5104. State license and registration application and issuance
§ 5105. Standards for State license renewal
§ 5106. System of registration administration by Federal agencies
§ 5108. Backup authority to establish a nationwide mortgage licensing and registry system
§ 5110. Background checks of loan originators
§ 5111. Confidentiality of information
§ 5113. Enforcement by the Bureau
§ 5114. State examination authority
§ 5115. Reports and recommendations to Congress