**** The Bill has passed and has been finalized****

As of July 24th 2008 the House passed H.R. 3221 The foreclosure Prevention Act of 2008. The vote was 272-152.

The version of the bill that will be voted on by the Senate does  include the Reverse Mortgage provisions we were all hoping for.Below is a summary of the provisions which NRMLA supplied

1. A single national loan limit of $417,000 that can increase up to as much as $625,500 in high cost areas.

2. Home purchase product authority

3.Co-op products provisions

4.Origination fee of 2% on the initial $200,000 loan amount and 1% on the balance thereafter with a cap of $6000

5.Prohibitions on requiring the purchase of annuities and other financial products.

6. Restrictions around cross selling financial products

7.Requirements on counseling protocols, funding and practices that promote independence and quality in counseling