MOVE Act

This legislation requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to initiate the purchase and securitization of portable mortgages . This directive must be implemented within 180 days following the bill's enactment, aiming to introduce a new type of mortgage product into the market. A portable mortgage is defined as a conventional mortgage that permits the borrower to transfer their current interest rate, terms, and outstanding balance to a new property. This transferability is allowed within 90 days of the sale of the property originally securing the mortgage, offering significant flexibility for homeowners. The bill specifies that these must be conventional mortgages, adhering to existing definitions and requirements under the respective charter acts for Fannie Mae and Freddie Mac.