MOVE Act

The MOVE Act directs the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to start buying and bundling specific conventional mortgages within 180 days of the law's enactment. These mortgages must allow homeowners to transfer their loan's interest rate, terms, and balance to a new property within 90 days of selling their current home. By purchasing these loans, the bill aims to create a market for portable mortgages that facilitate easier home sales by preventing rate locks from hindering transactions. The legislation defines eligible loans based on existing standards set by the two government-sponsored enterprises.