(a) A covered person may not refinance a mortgage loan within 12 months after the date the mortgage loan is closed unless the refinancing is beneficial to the borrower.
(b) The factors to be considered when determining if refinancing is beneficial to the borrower under this section may include whether
(1) the borrower's new monthly payment is lower than the total of all monthly obligations being refinanced, after taking into account the costs and fees of the refinancing;
(2) the amortization period of the new mortgage loan is different from the amortization period of the mortgage loan being refinanced;
(3) the borrower receives cash in excess of the costs and fees of the refinancing;
(4) the rate of interest of the borrower's promissory note is reduced;
(5) the mortgage loan changes from an adjustable rate loan to a fixed rate loan; in a determination under this paragraph, the department may take into account costs and fees;
(6) the refinancing is necessary to respond to a bona fide personal need or an order of a court of competent jurisdiction;
(7) the original term of the mortgage loan being refinanced is two years or less; and
(8) the refinancing is being made to prevent a foreclosure on an existing mortgage loan.