MOVE Act

The "Making Ownership Viable for Everyone Act" (or "MOVE Act") requires government-sponsored enterprises to support portable mortgages. Specifically, it mandates that Fannie Mae and Freddie Mac begin purchasing and backing (securitizing) conventional mortgages that allow homeowners to transfer their current interest rate, loan terms, and remaining balance to a new home.

* **Government-Sponsored Enterprises:** Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), which are required to buy and securitize these specific types of mortgages. * **Homeowners and Homebuyers:** Individuals with conventional home loans who want to move to a new property without losing their current mortgage rate and terms. * **Mortgage Lenders:** Financial institutions that issue conventional mortgages with portable loan provisions.

* **Mortgage Portability:** Borrowers holding a portable conventional mortgage would be allowed to transfer their existing interest rate, remaining principal balance, and loan terms from their old home to a new property. * **Agency Responsibilities:** Fannie Mae and Freddie Mac must update their practices to start purchasing and securitizing these portable conventional mortgages no later than 180 days after the bill becomes law.

The provided summary does not outline specific federal appropriations, funding levels, taxes, or fees associated with implementing this legislation.

* **Timeframe for Transfer:** To qualify as a portable mortgage, the transfer of loan terms to the new property must happen within 90 days of selling the original home that secured the loan. * **Eligibility Rules:** The legislation specifically applies to conventional mortgages that meet standard legal definitions under the Fannie Mae Charter Act and the Federal Home Loan Mortgage Corporation Act. * **Implementation Deadline:** Fannie Mae and Freddie Mac are required to start purchasing and securitizing these mortgages within 180 days of the bill's enactment.

The MOVE Act requires Fannie Mae and Freddie Mac to start backing home loans that let homeowners keep their current mortgage rate, balance, and terms when they move, provided they transfer the loan to a new home within 90 days of selling their old one.