Page:United States Statutes at Large Volume 122.djvu/2861

 12 2 STA T . 2 83 8 PUBLIC LA W 11 0– 28 9—J UL Y 30, 2008 (2)inpar a g rap h ( 5 ) ,by in se r t ing ‘ ‘a f irst o rs u bor d inate l ien on ’ ’ before ‘‘all sto ck ’’ . (c) LIM I TA TI ON ON OR I G INATION FE E S . —S ection 255 of the N ational H ousing A ct( 1 2 U .S. C . 1 7 15 z– 2 0 ),asa m ended by the preceding pro v isions of this section, is further amended by adding at the end the follo w ing new subsection

‘‘(r) LIMITATION ON ORIGINATION FEES.— T he Secretary shall establish limits on the origination fee that may be charged to a mortgagor under a mortgage insured under this section, which limitations shall— ‘‘(1) be e q ual to 2.0 percent of the ma x imum claim amount of the mortgage, up to a maximum claim amount of $ 200,000 plus 1 percent of any portion of the maximum claim amount that is greater than $200,000, unless ad j usted thereafter on the basis of an analysis of— ‘‘(A) the costs to mortgagors and ‘‘( B ) the impact on the reverse mortgage market; ‘‘(2) be subject to a minimum allowable amount; ‘‘( 3 ) provide that the origination fee may be fully financed with the mortgage; ‘‘( 4 ) include any fees paid to correspondent mortgagees approved by the Secretary; ‘‘(5) have the same effective date as subsection (m)(2) regarding the limitation on principal obligation; and ‘‘( 6 ) be subject to a maximum origination fee of $6,000, except that such maximum limit shall be adjusted in accordance with the annual percentage increase in the Consumer P rice I ndex of the Bureau of Labor Statistics of the D epartment of Labor in increments of $500 only when the percentage increase in such index, when applied to the maximum origina - tion fee, produces dollar increases that exceed $500.’’. (d) ST UDYR EGARDING PROGRAM COSTS AND CREDIT A V AI L - A B ILITY.— (1) IN GENERAL.—The Comptroller G eneral of the United States shall conduct a study regarding the costs and availability of credit under the home equity conversion mortgages for elderly homeowners program under section 255 of the National Housing Act (12 U.S.C. 1715z–20) (in this subsection referred to as the ‘‘program’’). (2) PUR P OSE.—The purpose of the study required under paragraph (1) is to help Congress analyze and determine the effects of limiting the amounts of the costs or fees under the program from the amounts charged under the program as of the date of the enactment of this title. (3) CONTENT O F REPORT.—The study required under para- graph (1) should focus on— (A) the cost to mortgagors of participating in the pro- gram; (B) the financial soundness of the program; (C) the availability of credit under the program; and (D) the costs to elderly homeowners participating in the program, including— (i) mortgage insurance premiums charged under the program; (ii) up-front fees charged under the program; and (iii) margin rates charged under the program.

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