Protecting Affordable Mortgages for Veterans Act of 2019

Bill: 116-s-1749
Sponsor: full_name: Sen. Sinema, Kyrsten [D-AZ]
Introduced: 2019-06-05
Policy area: Housing and Community Development
Subjects: Housing finance and home ownership

Interest, dividends, interest rates

Veterans' loans, housing, homeless programs
Latest action: action_date: 2019-07-25
text: Became Public Law No: 116-33.

Summaries:
action_date: 2019-06-05
action_desc: Introduced in Senate
text: <p><b>Protecting Affordable Mortgages for Veterans Act of 2019</b></p> <p>This bill revises loan seasoning requirements related to a refinanced Department of Veterans Affairs (VA) housing loan. Under current law, the VA is prohibited from guaranteeing a refinanced home loan until the date that is the later of (1) the date on which the sixth monthly payment is made, or (2) the date that is 210 days after the first payment is made. This bill modifies this date to (1) when the borrower has made six consecutive monthly payments, or (2) 210 days after the first payment is due.</p>

action_date: 2019-06-05
action_desc: Passed Senate
text: <p><b>Protecting Affordable Mortgages for Veterans Act of 2019</b></p> <p>This bill revises loan seasoning requirements related to a refinanced Department of Veterans Affairs (VA) housing loan. Under current law, the VA is prohibited from guaranteeing a refinanced home loan until the date that is the later of (1) the date on which the sixth monthly payment is made, or (2) the date that is 210 days after the first payment is made. This bill modifies this date to (1) when the borrower has made six consecutive monthly payments, or (2) 210 days after the first payment is due.</p>

action_date: 2019-07-09
action_desc: Passed House
text: <p><b>Protecting Affordable Mortgages for Veterans Act of 2019</b></p> <p>This bill revises loan seasoning requirements related to a refinanced Department of Veterans Affairs (VA) housing loan. Under current law, the VA is prohibited from guaranteeing a refinanced home loan until the date that is the later of (1) the date on which the sixth monthly payment is made, or (2) the date that is 210 days after the first payment is made. This bill modifies this date to (1) when the borrower has made six consecutive monthly payments, or (2) 210 days after the first payment is due.</p>

action_date: 2019-07-25
action_desc: Public Law
text: <p><b>Protecting Affordable Mortgages for Veterans Act of 2019</b></p> <p>This bill revises loan seasoning requirements related to a refinanced Department of Veterans Affairs (VA) housing loan. Under current law, the VA is prohibited from guaranteeing a refinanced home loan until the date that is the later of (1) the date on which the sixth monthly payment is made, or (2) the date that is 210 days after the first payment is made. This bill modifies this date to (1) when the borrower has made six consecutive monthly payments, or (2) 210 days after the first payment is due.</p>

tv_txt: 116th CONGRESS 1st Session S. 1749 IN THE SENATE OF THE UNITED STATES AN ACT To clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.

1. Short title This Act may be cited as the Protecting Affordable Mortgages for Veterans Act of 2019 . 2. Seasoning requirements for certain refinanced mortgage loans (a) Ginnie Mae Section 306(g)(1) of the National Housing Act ( 12 U.S.C. 1721(g)(1) ) is amended by striking the second sentence. (b) Veterans loans Section 3709(c) of title 38, United States Code, is amended— (1) in the matter before paragraph (1), by striking is refinanced and inserting is a refinance ; and (2) by striking paragraphs (1) and (2) and inserting the following new paragraphs: (1) the date on which the borrower has made at least six consecutive monthly payments on the loan being refinanced; and (2) the date that is 210 days after the first payment due date of the loan being refinanced. . (c) Rule of construction Nothing in this Act may be construed to restrict or otherwise modify the authorities of the Government National Mortgage Association.

Passed the Senate June 5, 2019. Secretary

tv_txt: II 116th CONGRESS 1st Session S. 1749 IN THE SENATE OF THE UNITED STATES June 5, 2019 Ms. Sinema (for herself and Mr. Tillis ) introduced the following bill; which was read twice, considered, read the third time, and passed A BILL To clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.

1. Short title This Act may be cited as the Protecting Affordable Mortgages for Veterans Act of 2019 . 2. Seasoning requirements for certain refinanced mortgage loans (a) Ginnie Mae Section 306(g)(1) of the National Housing Act ( 12 U.S.C. 1721(g)(1) ) is amended by striking the second sentence. (b) Veterans loans Section 3709(c) of title 38, United States Code, is amended— (1) in the matter before paragraph (1), by striking is refinanced and inserting is a refinance ; and (2) by striking paragraphs (1) and (2) and inserting the following new paragraphs: (1) the date on which the borrower has made at least six consecutive monthly payments on the loan being refinanced; and (2) the date that is 210 days after the first payment due date of the loan being refinanced. . (c) Rule of construction Nothing in this Act may be construed to restrict or otherwise modify the authorities of the Government National Mortgage Association.

tv_txt: IC 116th CONGRESS 1st Session S. 1749 IN THE HOUSE OF REPRESENTATIVES June 10, 2019 Referred to the Committee on Financial Services , and in addition to the Committee on Veterans' Affairs , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned AN ACT To clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.

1. Short title This Act may be cited as the Protecting Affordable Mortgages for Veterans Act of 2019 . 2. Seasoning requirements for certain refinanced mortgage loans (a) Ginnie Mae Section 306(g)(1) of the National Housing Act ( 12 U.S.C. 1721(g)(1) ) is amended by striking the second sentence. (b) Veterans loans Section 3709(c) of title 38, United States Code, is amended— (1) in the matter before paragraph (1), by striking is refinanced and inserting is a refinance ; and (2) by striking paragraphs (1) and (2) and inserting the following new paragraphs: (1) the date on which the borrower has made at least six consecutive monthly payments on the loan being refinanced; and (2) the date that is 210 days after the first payment due date of the loan being refinanced. . (c) Rule of construction Nothing in this Act may be construed to restrict or otherwise modify the authorities of the Government National Mortgage Association.

Passed the Senate June 5, 2019. Julie E. Adams, Secretary

tv_txt: One Hundred Sixteenth Congress of the United States of America 1st Session Begun and held at the City of Washington on Thursday, the third day of January, two thousand and nineteen S. 1749 IN THE SENATE OF THE UNITED STATES AN ACT To clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.

1. Short title This Act may be cited as the Protecting Affordable Mortgages for Veterans Act of 2019 . 2. Seasoning requirements for certain refinanced mortgage loans (a) Ginnie Mae Section 306(g)(1) of the National Housing Act ( 12 U.S.C. 1721(g)(1) ) is amended by striking the second sentence. (b) Veterans loans Section 3709(c) of title 38, United States Code, is amended— (1) in the matter before paragraph (1), by striking is refinanced and inserting is a refinance ; and (2) by striking paragraphs (1) and (2) and inserting the following new paragraphs: (1) the date on which the borrower has made at least six consecutive monthly payments on the loan being refinanced; and (2) the date that is 210 days after the first payment due date of the loan being refinanced. . (c) Rule of construction Nothing in this Act may be construed to restrict or otherwise modify the authorities of the Government National Mortgage Association.

Speaker of the House of Representatives Vice President of the United States and President of the Senate