Responsible Homeowners Refinancing Act of 2012

Hozzl · 2024-03-14T12:36:28Z

Explore the details of Senate Bill 3085 Responsible Homeowners Refinancing Act of 2012 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Housing and Community Development. Stay informed on legislative developments.

3/14/2024, 12:36 PM

Congressional Summary of S 3085

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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Current Status of Bill S 3085

Bill S 3085 is currently in the status of Bill Introduced since May 10, 2012. Bill S 3085 was introduced during Congress 112 and was introduced to the Senate on May 10, 2012. Bill S 3085's most recent activity was Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-709. as of May 24, 2012

Bipartisan Support of Bill S 3085

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3085

Primary Policy Focus

Housing and Community Development

Potential Impact Areas

Government corporations and government-sponsored enterprisesGovernment lending and loan guaranteesHousing finance and home ownershipHousing supply and affordabilityUser charges and fees

Alternate Title(s) of Bill S 3085

Responsible Homeowners Refinancing Act of 2012Responsible Homeowners Refinancing Act of 2012A 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.

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