Sec. 2. Definitions
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In this Act— the term current borrower means a mortgagor who is current on the subject mortgage at the time of the refinancing, and has had no late payments in the preceding 6 months and not more than 1 late payment in the preceding 12 months; the term eligible mortgage means any mortgage, regardless of current loan-to-value, that— is an existing first mortgage that was made for purchase of, or refinancing of another first mortgage on, a 1- to 4-family dwelling, including a condominium or a share in a cooperative ownership housing association; was originated or refinanced on or before May 31, 2009, unless that date is extended by the Director under FHFA’s preexisting authority to do so; is owned or guaranteed by an enterprise; and with respect to which, the mortgagor is a current borrower; the term enterprise means the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; the terms FHFA and Director mean the Federal Housing Finance Agency and the Director thereof, respectively; the terms Home Affordable Refinance Program and Program mean the Home Affordable Refinance Program, administered by the FHFA and the enterprises as part of the Making Home Affordable initiative announced on March 4, 2009; the term— LTV means loan-to-value, or the ratio of the amount of the primary mortgage on a property to the value of that property; and CLTV means combined loan-to-value, or the ratio of all mortgage debt on a property to the value of the property; the term same servicer means a lender that is providing refinancing for a borrower whose loan they already service; the term qualified lender means a lender that is participating in the Program; the term guarantee fee has the same meaning as in section 1327(a) of the Housing and Community Development Act of 1992 ( 12 U.S.C. 4547(a) ); and the term average fees means the average contractual fee rate of single-family guaranty arrangements charged by an enterprise on January 1, 2013, plus the recognition of any up-front cash payments over an estimated average life, expressed in terms of basis points, such definition to be interpreted in a manner consistent with the annual report on guarantee fees by the FHFA.
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U.S. Code