Protecting Affordable Mortgages for Veterans Act of 2019

Bill: 116-hr-1988
Sponsor: full_name: Rep. Scott, David [D-GA-13]
Introduced: 2019-03-28
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: 2019-07-10
text: Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 143.

Summaries:
action_date: 2019-03-28
action_desc: Introduced in House
text: <p><b>Protect 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>

tv_txt: I 116th CONGRESS 1st Session H. R. 1988 IN THE HOUSE OF REPRESENTATIVES March 28, 2019 Mr. David Scott of Georgia (for himself, Mr. Zeldin , Mr. Levin of California , and Mr. Barr ) introduced the following bill; which was 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 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 Protect Affordable Mortgages for Veterans Act of 2019 . 2. Seasoning requirements for certain refinanced mortgage loans (a) Ginnie Mae Paragraph (1) of section 306(g) of the National Housing Act ( 12 U.S.C. 1721(g)(1) ) is amended by striking the second sentence (as added by section 309(b) of Public Law 115–174 ). (b) Veterans loans Section 3709 of title 38, United States Code, is amended by striking subsection (c) and inserting the following: (c) Loan seasoning Except as provided in subsection (d) and notwithstanding section 3703 of this title or any other provision of law, a loan to a veteran for a purpose specified in section 3710 of this title that is a refinance may not be guaranteed or insured under this chapter until the date that is the later of— (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: I 116th CONGRESS 1st Session H. R. 1988 IN THE HOUSE OF REPRESENTATIVES 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 Paragraph (1) of section 306(g) of the National Housing Act ( 12 U.S.C. 1721(g)(1) ) is amended by striking the second sentence (as added by section 309(b) of Public Law 115–174 ). (b) Veterans loans Section 3709 of title 38, United States Code, is amended by striking subsection (c) and inserting the following: (c) Loan seasoning Except as provided in subsection (d) and notwithstanding section 3703 of this title or any other provision of law, a loan to a veteran for a purpose specified in section 3710 of this title that is a refinance may not be guaranteed or insured under this chapter until the date that is the later of— (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 House of Representatives July 9, 2019. Karen L. Haas, Clerk.

tv_txt: II Calendar No. 143 116th CONGRESS 1st Session H. R. 1988 IN THE SENATE OF THE UNITED STATES July 10, 2019 Received; read twice and placed on the calendar 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 Paragraph (1) of section 306(g) of the National Housing Act ( 12 U.S.C. 1721(g)(1) ) is amended by striking the second sentence (as added by section 309(b) of Public Law 115–174 ). (b) Veterans loans Section 3709 of title 38, United States Code, is amended by striking subsection (c) and inserting the following: (c) Loan seasoning Except as provided in subsection (d) and notwithstanding section 3703 of this title or any other provision of law, a loan to a veteran for a purpose specified in section 3710 of this title that is a refinance may not be guaranteed or insured under this chapter until the date that is the later of— (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 House of Representatives July 9, 2019. Cheryl L. Johnson, Clerk

July 10, 2019 Received; read twice and placed on the calendar