12 2 STA T . 2 690PUBLIC LA W 110 – 2 8 9 —J UL Y3 0 , 2008 ‘ ‘ (4)theproduc t is co n sistent w ith the s af et y and soundness of the enterprise or the m ort g age finance system . ‘‘(c) PROCEDU RE F OR AP PRO VAL . — ‘‘( 1 ) S U BMIS SIO N OF RE Q UES T .—An enterprise sha l lsu b mit to the D irector a written re q uest for appro v al of a product that describes the product in such form as prescribed by order or regulation of the Director. ‘‘( 2 ) R EQUEST FOR PUBLIC COMMENT.— I mmediately upon receipt of a request for approval of a product , as required under paragraph (1), the Director shall publish notice of such request and of the period for public comment pursuant to paragraph ( 3 ) regarding the product, and a description of the product proposed by the request. T he Director shall give interested parties the opportunity to respond in writing to the proposed product. ‘‘(3) PUBLIC COMMENT PERIOD.—During the 3 0- day period beginning on the date of publication pursuant to paragraph (2) of a request for approval of a product, the Director shall receive public comments regarding the proposed product. ‘‘(4) O FFERIN G OF PRODUCT.— ‘‘(A) IN GENERAL.— N ot later than 30 days after the close of the public comment period described in paragraph (3), the Director shall approve or deny the product, speci- fying the grounds for such decision in writing. ‘‘( B ) F AILURE TO ACT.—If the Director fails to act within the 30-day period described in subparagraph (A), then the enterprise may offer the product. ‘‘( C ) TEMPORAR Y APPROVAL.—The Director may, sub j ect to the rules of the Director, provide for temporary approval of the offering of a product without a public comment period, if the Director finds that the e x istence of exigent circumstances ma k es such delay contrary to the public interest. ‘‘(d) CONDITIONAL APPROVAL.—If the Director approves the offering of any product by an enterprise, the Director may establish terms, conditions, or limitations with respect to such product with which the enterprise must comply in order to offer such product. ‘‘(e) EX CLUSIONS.— ‘‘(1) IN GENERAL.—The requirements of subsections (a) through (d) do not apply with respect to— ‘‘(A) the automated loan underwriting system of an enterprise in existence as of the date of enactment of the Federal H ousing Finance Regulatory Reform Act of 200 8 , including any upgrade to the technology, operating system, or software to operate the underwriting system
‘‘(B) any modification to the mortgage terms and condi- tions or mortgage underwriting criteria relating to the mortgages that are purchased or guaranteed by an enter- prise, provided that such modifications do not alter the underlying transaction so as to include services or financing, other than residential mortgage financing; or ‘‘(C) any other activity that is substantially similar, as determined by rule of the Director to— ‘‘(i) the activities described in subparagraphs (A) and (B); and ‘‘(ii) other activities that have been approved by the Director in accordance with this section. Deadlin e .Pub li c a t i o n. N otice.
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