Page:United States Statutes at Large Volume 122.djvu/2859

 12 2 STA T . 2 836PUBLIC LA W 11 0– 28 9—J UL Y 30, 2008 SEC.21 22. HOM EE QUITY CO NV E R SION MORT GA GES. (a)INGE NE RAL.—Section25 5o f t h e N ationa lH o us in gA ct ( 1 2 U .S. C .1 7 15 z– 2 0 )isa m en d ed— (1) in su b section (b)(2) , inse r t ‘ ‘ ‘real estate, ’ ’’ after ‘‘ ‘mort - gagor’,’’ (2) b y amending subsection (d)(1) to read as follo w s

‘‘(1) ha v e been originated by a mortgagee a p proved by the Secretary;’’; ( 3 ) by amending subsection (d)(2)( B ) to read as follows: ‘‘(B) has received ade q uate counseling, as provided in subsection (f), by an independent third party that is not, either directly or indirectly, associated with or compensated by a party involved in— ‘‘(i) originating or servicing the mortgage; ‘‘(ii) funding the loan underlying the mortgage; or ‘‘(iii) the sale of annuities, investments, long-term care insurance, or any other type of financial or insur- ance product;’’; ( 4 ) in subsection (f)— (A) by stri k ing ‘‘(f) IN FO R M A TI ON SER V I C E S FOR M ORT- G AGORS.—’’ and inserting ‘‘(f) CO U NSELING SERVICES AN D INFORMATION FOR MORTGAGORS.—’’; and (B) by amending the matter preceding paragraph (1) to read as follows: ‘‘ T he Secretary shall provide or cause to be provided adequate counseling for the mortgagor, as described in subsection (d)(2)(B). Such counseling shall be provided by counselors that meet qualification standards and follow uniform counseling protocols. The qualification standards and counseling protocols shall be established by the Secretary within 12 months of the date of enactment of the Building American Homeownership Act of 200 8 . The protocols shall require a qualified counselor to discuss with each mortgagor information which shall include— ’’ (5) in subsection (g), by striking ‘‘established under section 203(b)(2)’’ and all that follows through ‘‘located’’ and inserting ‘‘limitation established under section 305(a)(2) of the F ederal Home L oan Mortgage Corporation Act for a 1-family residence’’; ( 6 ) by striking subsection (l); (7) by redesignating subsection (m) as subsection (l); (8) by amending subsection (l), as so redesignated, to read as follows: ‘‘(l) FUNDING FOR COUNSELING.—The Secretary may use a por- tion of the mortgage insurance premiums collected under the pro- gram under this section to adequately fund the counseling and disclosure activities required under subsection (f), including coun- seling for those homeowners who elect not to take out a home equity conversion mortgage, provided that the use of such funds is based upon accepted actuarial principles.’’; and ( 9 ) by adding at the end the following new subsection: ‘‘(m) AUT H ORIT Y TO INSURE HOME P URCHASE MORTGAGE.— ‘‘(1) IN GENERAL.—Notwithstanding any other provision of this section, the Secretary may insure, upon application by a mortgagee, a home equity conversion mortgage upon such terms and conditions as the Secretary may prescribe, when the home equity conversion mortgage will be used to purchase Stand a r d s.De ad li ne.

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