HR 1106 RFS 
(G) by redesignating paragraph (11) as 
paragraph (10); and 
(H) by adding at the end: 
‘‘(11) BAN ON MILLIONAIRES.—The mortgagor 
shall not have a net worth, as of the date the mort-
gagor first applies for a mortgage to be insured 
under the Program under this section, that exceeds 
$1,000,000.’’; 
(4) in subsection (h)(2)— 
(A) by striking ‘‘The Board shall prohibit 
the Secretary from paying’’ and inserting ‘‘The 
Secretary shall not pay’’; and 
(B) by inserting after the period at the end 
the following: ‘‘In implementing this provision 
with respect to a failure by a mortgagor to 
make a first payment, the Secretary shall estab-
lish policies and timing of endorsements as con-
sistent as is possible with endorsement policies 
established with respect to mortgages insured 
under section 203(b)’’; 
(5) in subsection (i)— 
(A) by inserting ‘‘, after weighing maxi-
mization of participation with consideration of 
collection 
of 
premiums,’’ 
after 
‘‘Secretary 
shall’’; 
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(B) in paragraph (1), by striking ‘‘equal to 
3 percent’’ and inserting ‘‘not more than 2 per-
cent’’; and 
(C) in paragraph (2), by striking ‘‘equal to 
1.5 percent’’ and inserting ‘‘not more than 1 
percent’’; 
(6) in subsection (k)— 
(A) by striking the subsection heading and 
inserting ‘‘EXIT FEE’’; 
(B) in paragraph (1), in the matter pre-
ceding subparagraph (A), by striking ‘‘such sale 
or refinancing’’ and inserting ‘‘the mortgage 
being insured under this section’’; and 
(C) in paragraph (2), by striking ‘‘and the 
mortgagor’’ and all that follows through the 
end and inserting ‘‘may, upon any sale or dis-
position of the property to which the mortgage 
relates, be entitled to up to 50 percent of ap-
preciation, up to the appraised value of the 
home at the time when the mortgage being refi-
nanced under this section was originally made. 
The Secretary may share any amounts received 
under this paragraph with the holder of the eli-
gible mortgage refinanced under this section.’’; 
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(7) in the heading for subsection (n), by strik-
ing ‘‘THE BOARD’’ and inserting ‘‘SECRETARY’’; 
(8) in subsection (p), by striking ‘‘Under the di-
rection of the Board, the’’ and inserting ‘‘The’’; 
(9) in subsection (s)— 
(A) in the first sentence of paragraph (2), 
by striking ‘‘Board of Directors of’’ and insert-
ing ‘‘Advisory Board for’’; and 
(B) in paragraph (3)(A)(ii), by striking 
‘‘subsection (e)(1)(B) and such other’’ and in-
serting ‘‘such’’; 
(10) in subsection (v), by inserting after the pe-
riod at the end the following: ‘‘The Secretary shall 
conform documents, forms, and procedures for mort-
gages insured under this section to those in place for 
mortgages insured under section 203(b) to the max-
imum extent possible consistent with the require-
ments of this section.’’; and 
(11) by adding at the end the following new 
subsections: 
‘‘(x) PAYMENT TO EXISTING LOAN SERVICER.—The 
Secretary may establish a payment to the servicer of the 
existing senior mortgage for every loan insured under the 
HOPE for Homeowners Program in an amount, for each 
such loan, that does not exceed $1,000. 
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