Certain mortgage changes would preserve which lender gets paid first

The changed debt would remain backed by the mortgage and would not count as a replacement loan. Home and business mortgages qualify, but agreements pledging property for housing association charges do not. Other law would govern changes to the pledged property, people backing the loan, or loan ownership. Unlisted loan changes would also follow other law. These rules would apply to changes made on or after the law takes effect, including changes to older loans.

For listed mortgage changes, keeping repayment order would not depend on filing the agreement in public land records. Other filing rules and deadlines for enforcing mortgage debts would still apply. Rules about when tax debts and other government claims get paid would also remain in place. The law would take effect after mayoral approval or a Council veto override, a 30-day congressional review period, and publication in the D.C. Register.