S.3085 - Responsible Homeowners Refinancing Act of 2012

A bill to provide for the expansion of affordable refinancing of mortgages held by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. view all titles (2)

All Bill Titles

  • Official: A bill to provide for the expansion of affordable refinancing of mortgages held by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. as introduced.
  • Short: Responsible Homeowners Refinancing Act of 2012 as introduced.

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Introduced
 
Senate
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House
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President
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05/10/12
 
 
 
 
 
 
 

Official Summary

Responsible Homeowners Refinancing Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), in carrying out the Home Affordable Refinance Program, to adopt specified cri

Official Summary

Responsible Homeowners Refinancing Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), in carrying out the Home Affordable Refinance Program, to adopt specified criteria pertaining to:
(1) borrower eligibility,
(2) representations and warranties,
(3) prohibition on up-front fees,
(4) alternative streamlined methods to appraise the value of a property,
(5) an administrative penalty for lien-holder refusal to resubordinate junior liens,
(6) carryover of mortgage insurance, and
(7) guarantee fees. Requires the GSE to notify all borrowers with a mortgage owned or guaranteed by a GSE about the Program and its eligibility criteria, and inform borrowers of the website required below. Directs the Director of the Federal Housing Finance Agency (FHFA) to establish a single website where borrowers may:
(1) determine their potential eligibility for participation in the Program,
(2) see a complete list of and links to participating lenders,
(3) use a mortgage refinance calculator to calculate potential payment savings based on different interest rates, and
(4) obtain tips on refinancing their loan. Directs the FHFA to issue guidelines to require the GSEs to make their refinancing guidelines consistent to ease lender compliance requirements, particularly with respect to:
(1) loans with less than an 80% loan-to-value ratio, and
(2) GSE closing cost policies.

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