,,ii  #aac? ,,congress  #a/ ,session    
,s4 #acge  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #be1 #bjac ,mr4  
,m]kley introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require a portion ( clos+   
co/s to be paid by ! ent]prises )       
respect to c]ta9 ref9anc$ mortgage      
loans1 & = o!r purposes4  #a4 ,%ort     
title ,?is ,act may be cit$ z !         
,rebuild+ ,equity ,act ( #bjac4  #b4    
,rebuild+ equity program  7a7           
,e/abli%m5t ( volunt>y program  7#a7    
,e/abli%m5t  7,a7 ,paym5t ( clos+ co/s  
,! ,f$]al ,national ,mortgage           
,association & ! ,f$]al ,home ,loan     
,mortgage ,corporation 79 ?is ,act      
ref]r$ to z ! ent]prises7 %all ea*      
e/abli% a volunt>y program = borr[]s    
describ$ 9 p>agraph 7#b71 "u :i* !      
ent]prises %all pay #a1jjj t[>d ! clos+ 
co/s associat$ ) apply+ = & receiv+ !   
ref9anc+ :5 ! borr[] agrees to ref9ance 
into a fully amortiz+ loan ) a t]m ( n  

long] ?an #bj ye>s4  7,b7 ,fir/ ye> (   
program ,dur+ ! #ab-mon? p]iod t beg9s  
on ! date ( enactm5t ( ?is ,act1 ! am\nt
 ( ! clos+ co/s t ea* ent]prise %all pay
 "u ! program %all n v>y bas$ on ! t]m (
 ! mortgage t ! borr[] agrees to        
ref9ance into4  7,c7 ,subsequ5t ye>s    
7i7 ,annual recalculation ( clos+ co/s  
paym5t ,^u ! expiration ( ! #ab-mon?    
p]iod set =? "u subp>agraph 7,b71 & =   
ea* ( ! next two #ab-mon? p]iods        
!reaft]1 ! ,director ( ! ,f$]al ,h\s+   
,f9ance ,ag5cy--  7,i7 %all adju/ !     
am\nt ( ! portion ( ! clos+ co/s t ea*  
ent]prise w pay "u ! program--  7aa7 by 
an am\nt t results 9 su* program be+    
rev5ue neutral = su* #ab-mon? p]iod2 &  
7bb7 bas$ on economic conditions g5]ally
 affect+ ! mortgage & h\s+ m>kets2 &    
7,,ii7 may adju/ ! am\nt ( ! clos+ co/s 
t ea* ent]prise w pay "u ! program bas$ 
on ! t]m ( ! mortgage t ! borr[] agrees 
to ref9ance into4  7ii7 ,report ,!      
,director ( ! ,f$]al ,h\s+ ,f9ance      
,ag5cy %all report any adju/m5ts made   

pursuant to ! requirem5ts ( clause 7i7  
to ! ,*air & ,rank+ ,memb] ( !          
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate & ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives4  7#b7 ,eligible borr[]s
 ,! program requir$ by p>agraph 7#a7    
%all be = any borr[]--  7,a7 :o         
qualifies = ! ,home ,af=dable ,ref9ance 
,program c>ri$ out by ! ent]prises2     
7,b7 ^: subject prop]ty has a           
loan-to-value ratio ( n less ?an #aje   
p]c5t2 &  7,c7 :o ref9ances f a loan )  
an orig9al t]m ( #cj ye>s to a loan ) a 
t]m ( #bj ye>s or less4  7b7 ,sunset    
,ea* volunt>y program "u ?is section    
%all t]m9ate on ! date t is #c ye>s aft]
 ! date ( e/abli%m5t ( su* program4  7c7
 ,def9itions ,z us$ 9 ?is section1 !    
foll[+ def9itions %all apply3  7#a7     
,loan-to-value ratio ,! t]m             
loan-to-value ratio means ! ratio ( !   
am\nt ( ! prim>y mortgage on a prop]ty  
to ! value ( t prop]ty4  7#b7 ,clos+    
co/s ,! t]m clos+ co/s--  7,a7 means all

 reasonable & actual co/s *>g$ to !     
borr[] by a ?ird p>ty to ! ref9anc+     
transaction2  7,b7 includes--  7i7      
appraisal & inspection fees2  7ii7 fees 
associat$ ) obta9+ a borr[]'s cr$it     
report2  7iii7 title insurance & title  
exam9ation co/s2  7iv7 attorneys' fees  
associat$ ) clos+ ! transaction1 o!r ?an
 attorneys' fees associat$ ) disputes   
aris+ out ( ! transaction or o!rwise    
ancill>y to clos+ ! transaction2  7v7   
docum5t prep>ation co/s1 if complet$ by 
a ?ird p>ty n controll$ by ! l5d]2  7vi7
 transf] /amps1 record+ fees1 c\ri]     
fees1 wire transf] fees1 & reconveyance 
fees2 &  7vii7 te/ & c]tification fees2 
&  7,c7 does n include any co/s *>g$ to 
! borr[] by ! l5d]1 includ+--  7i7 l5d] 
application fees2 &  7ii7 l5d]          
orig9ation fees4