Mortgage Refinancing Reform Act of 1992

Mortgage Refinancing Reform Act of 1992 - Amends the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to include within their purview residential mortgage refinancing disclosure requirements.

Amends the Truth in Lending Act to require a creditor to promptly refund any unearned portion of the finance charge, together with any unearned portion of the insurance premium, if a consumer prepays in full the financed amount under any consumer credit transaction. Applies this requirement to refinanced transactions, and prepayments made as a result of the acceleration of the obligation to repay.

Requires a creditor to calculate the refund of the unearned portion of the finance charge on unearned insurance premiums for any precomputed consumer credit transaction based on a method which is at least as favorable to the consumer as the actuarial method. Entitles consumers to obtain one free annual statement disclosing the amount due on any precomputed consumer credit account.

Treats as a statutory mandate a finance charge commitment made by a creditor to a consumer regarding a residential mortgage transaction that is to be consummated within a certain time-frame after the date such commitment is made (unless the offer clearly states that the term is subject to change). Mandates a disclosure statement of the rights and duties of the creditor and consumer with respect to such finance charge commitments. Grants such consumers the right to withdraw a credit application in connection with a residential mortgage transaction without incurring any obligation (other than handling fees) if the withdrawal is made pursuant to prescribed procedures.

Increases the civil penalty applicable to creditors who fail to make the disclosures required by this Act in connection with an extension of credit for residential mortgage transactions, including refinancing.