118th Congress · HOUSE BILLBILL

H.R. 123 — Alternative Data for Additional Credit FHA Pilot Program Reauthorization Act

“To authorize a pilot program under section 258 of the National Housing Act to establish an automated process for providing additional credit rating information for mortgagors and prospective mortgagors under certain mortgages.”

Finance and financial sector

Introduced Jan 9, 2023

Last action Jan 9, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jan 9, 2023

Step 2

Referred

Jan 9, 2023

Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill establishes a pilot program for an additional credit rating system for use by mortgage lenders. Specifically, the program must utilize one or more commercially available credit scoring models that apply additional credit information about borrowers who have insufficient credit histories for purposes of determining their creditworthiness for mortgages insured by the Federal Housing Administration.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Jan 9, 2023

Introduced in House

Jan 9, 2023

Referred to the House Committee on Financial Services.