(a) Establishment
The Secretary shall carry out a pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information for mortgagors and prospective mortgagors under mortgages on 1- to 4-family residences to be insured under this subchapter who have insufficient credit histories for determining their creditworthiness. Such alternative credit rating information may include rent, utilities, and insurance payment histories, and such other information as the Secretary considers appropriate.
(b) Scope
The Secretary may carry out the pilot program under this section on a limited basis or scope, and may consider limiting the program to first-time homebuyers.
(June 27, 1934, ch. 847, title II, § 258, formerly § 257, as added Pub. L. 110–289, div. B, title I, § 2124(a), July 30, 2008, 122 Stat. 2839; renumbered § 258, Pub. L. 111–22, div. A, title II, § 202(c), May 20, 2009, 123 Stat. 1643.)