VALID Act of 2022

Bill: 117-hr-8616
Sponsor: full_name: Rep. Kilmer, Derek [D-WA-6]
Introduced: 2022-07-29
Policy area: Housing and Community Development
Subjects: Armed Forces and National Security
Latest action: action_date: 2022-07-29
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2022-07-29
action_desc: Introduced in House
text: <p><b>VA Loan Informed Disclosure Act of 2022 or the VALID Act of 2022</b></p> <p>The bill requires a Federal Housing Administration mortgage notice to a veteran to contain comparative rate and fee information about loans available under the Veterans Affairs home loan program.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 8616 IN THE HOUSE OF REPRESENTATIVES July 29, 2022 Mr. Kilmer (for himself, Mr. Reschenthaler , and Mr. Veasey ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the National Housing Act to include information regarding VA home loans in the Informed Consumer Choice Disclosure required to be provided to a prospective FHA borrower who is a veteran.

1. Short title This Act may be cited as the VA Loan Informed Disclosure Act of 2022 or the VALID Act of 2022 . 2. FHA Informed Consumer Choice Disclosure Subparagraph (A) of section 203(f)(2) of the National Housing Act ( 12 U.S.C. 1709(f)(2)(A) ) is amended— (1) by inserting (i) after loan-to-value ratio ; and (2) by inserting before the semicolon the following: , and (ii) in the case of a prospective borrower who is a veteran (as such term is defined in section 101 of title 38, United States Code), in connection with a loan guaranteed or insured under chapter 37 of title 38, United States Code, assuming prevailing interest rates .