posed changes to such requirements, including changes 
that would take into account borrowers’ credit scores or 
other industry standards related to borrowers’ financial 
soundness. Such report shall— 
(1) analyze the impacts that any actual or pro-
posed such changes are projected to have on— 
(A) the financial soundness of the Mutual 
Mortgage Insurance Fund; 
(B) the housing finance market of the 
United States; and 
(C) the number of borrowers served by the 
Federal Housing Administration; 
(2) explain the reasons for any actual or pro-
posed such changes in the such requirements made 
since the last report under this subsection; 
(3) evaluate the impact of any actual or pro-
posed such changes in such requirements on the Mu-
tual Mortgage Insurance Fund; 
(4) evaluate the impacts of any actual or pro-
posed such changes on potential mortgagors under 
mortgages on one- to four-family dwellings insured 
by the Secretary under the National Housing Act; 
and
(5) evaluate the impact of any actual or pro-
posed such changes on the soundness of the housing 
market in the United States. 
SEC. 18. MORTGAGE INSURANCE PREMIUM REFUNDS. 
(a) AUTHORITY.—The Secretary of Housing and 
Urban Development shall, to the extent that amounts are 
made available pursuant to subsection (c), provide refunds 
of unearned premium charges paid at the time of insur-
ance for mortgage insurance under title II of the National 
Housing Act (12 U.S.C. 1707 et seq.) to or on behalf of 
mortgagors under mortgages described in subsection (b). 
(b) ELIGIBLE MORTGAGES.—A mortgage described 
in this section is a mortgage on a one- to four-family 
dwelling that— 
(1) was insured under title II of the National 
Housing Act (12 U.S.C. 1707 et seq.); 
(2) is otherwise eligible, under the last sentence 
of subparagraph (A) of section 203(c)(2) of such Act 
(12 U.S.C. 1709(c)(2)(A)), for a refund of all un-
earned premium charges paid on the mortgage pur-
suant to such subparagraph, except that the mort-
gage— 
(A) was closed before December 8, 2004; 
and 
(B) was endorsed on or after such date.
(c) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated for each fiscal year such 
sums as may be necessary to provide refunds of unearned 
mortgage insurance premiums pursuant to this section. 
SEC. 19. MAXIMUM MORTGAGE AMOUNT LIMITS FOR MUL-
TIFAMILY HOUSING. 
(a) ELEVATOR-TYPE STRUCTURES.— 
(1) AMENDMENTS.—The National Housing Act 
is amended in each of the provisions specified in 
paragraph (2)— 
(A) by inserting ‘‘with sound standards of 
construction and design’’ after ‘‘elevator-type 
structures’’ the first place such term appears; 
and 
(B) by striking ‘‘to not to exceed’’ and all 
that follows through ‘‘sound standards of con-
struction and design’’ each place such terms ap-
pear and inserting ‘‘by not more than 50 per-
cent of the amounts specified for each unit 
size’’. 
(2) PROVISIONS AMENDED.—The provisions of 
the National Housing Act specified in this para-
graph are as follows: 
(A) Subparagraph (A) of section 207(c)(3) 
(12 U.S.C. 1713(c)(3)(A)).
(B) Subparagraph (A) of section 213(b)(2) 
(12 U.S.C. 1715e(b)(2)(A)). 
(C) 
Subclause 
(I) 
of 
section 
220(d)(3)(B)(iii) 
(12 
U.S.C. 
1715k(d)(3)(B)(iii)(I)). 
(D) 
In 
section 
221(d) 
(12 
U.S.C. 
1715l(d))— 
(i) subclause (I) of paragraph (3)(ii); 
and 
(ii) subclause (I) of paragraph (4)(ii). 
(E) Subparagraph (A) of section 231(c)(2) 
(12 U.S.C. 1715v(c)(2)(A)). 
(F) Subparagraph (A) of section 234(e)(3) 
(12 U.S.C. 1715y(e)(3)(A)). 
(b) EXTREMELY HIGH-COST AREAS.—Section 214 of 
the National Housing Act (12 U.S.C. 1715d) is amend-
ed— 
(1) in the first sentence— 
(A) by inserting ‘‘, or with respect to 
projects consisting of more than four dwelling 
units located in an extremely high-cost area as 
determined by the Secretary’’ after ‘‘or the Vir-
gin Islands’’ the first place such term appears; 
(B) by inserting ‘‘, or to construct projects 
consisting of more than four dwelling units on