PUBLIC LAW 106-569—DEC. 27, 2000 114 STAT. 2949 "(2) ANTI-CHURNING DISCLOSURE. — The Secretary shall, by regulation, require that the mortgagee of a mortgage insured under this subsection, provide to the mortgagor, within an appropriate time period and in a manner established in such regulations, a good faith estimate of: (A) the total cost of the refinancing; and (B) the increase in the mortgagor's principal limit as measured by the estimated initial principal limit on the mortgage to be insured under this subsection less the current principal limit on the home equity conversion mortgage that is being refinanced and insured under this subsection. "(3) WAIVER OF COUNSELING REQUIREMENT.—The mortgagor under a mortgage insured under this subsection may waive the applicability, with respect to such mortgage, of the requirements under subsection (d)(2)(B) (relating to third party counseling), but only if— "(A) the mortgagor has received the disclosure required under paragraph (2); "(B) the increase in the principal limit described in paragraph (2) exceeds the amount of the total cost of refinancing (as described in such paragraph) by an amount to be determined by the Secretary; and "(C) the time between the closing of the original home equity conversion mortgage that is refinanced through the mortgage insured under this subsection and the application for a refinancing mortgage insured under this subsection does not exceed 5 years. "(4) CREDIT FOR PREMIUMS PAID. —Notwithstanding section 203(c)(2)(A), the Secretary may reduce the amount of the single premium payment otherwise collected under such section at the time of the insurance of a mortgage refinanced and insured under this subsection. The amount of the single premium for mortgages refinanced under this subsection shall be determined by the Secretary based on the actuarial study required under paragraph (5). "(5) ACTUARIAL STUDY.— Not later than 180 days after the Deadline, date of the enactment of the American Homeownership and Economic Opportunity Act of 2000, the Secretary shall conduct an actuarial analysis to determine the adequacy of the insurance premiums collected under the program under this subsection with respect to— "(A) a reduction in the single premium payment collected at the time of the insurance of a mortgage refinanced and insured under this subsection; "(B) the establishment of a single national limit on the benefits of insurance under subsection (g) (relating to limitation on insurance authority); and "(C) the combined effect of reduced insurance premiums and a single national limitation on insurance authority. "(6) FEES.— The Secretary may establish a limit on the origination fee that may be charged to a mortgagor under a mortgage insured under this subsection, except that such limitation shall provide that the origination fee may be fully financed with the mortgage and shall include any fees paid to correspondent mortgagees approved by the Secretary.". (2) REGULATIONS. — The Secretary shall issue any final Deadline. regulations necessary to implement the amendments made by 12 USC i7i5z-20 note.
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