To establish community support requirements for mortgage banks, and for other purposes.

Mortgage Fairness Act - Requires each mortgage bank to meet the credit needs of all communities in which it makes a significant number of extensions of credit or extends a significant amount of credit, including extensions of credit in low- and moderate-income communities.

(Sec. 3) Directs the Secretary of Housing and Urban Development (HUD) to establish within HUD the Office of Mortgage Bank and Insurance Supervision.

(Sec. 4) Directs the Office, on a biennial basis, to require each mortgage bank to submit to it a community support statement detailing the bank's efforts at meeting the housing credit needs of the above- referenced communities.

(Sec. 5) Directs the Office to determine whether a mortgage bank is maintaining an adequate community support performance based on specified criteria.

(Sec. 6) Sets forth certain penalties against a mortgage bank that has been found to be maintaining an inadequate level of community support.

(Sec. 7) Requires each mortgage insurance company to: (1) report to the Office the total number and total dollar amount of each mortgage insurance policy written by it, by census tract, the race, gender, and income of applicants for mortgage insurance, and the disposition of each application for such insurance; (2) demonstrate to the Secretary adequate support for community credit needs; and (3) make public to any person the underwriting criteria for any mortgage insurance the company offers.

Requires the Office to conduct biennial community support reviews of mortgage insurance companies. Authorizes the Secretary to require a mortgage insurance company to submit a statement indicating how it expects to improve its record of providing community support whenever the Secretary concludes that such company is not meeting the requirements of this section.