VA Home Loan Awareness Act of 2023

Bill: 118-s-3068
Sponsor: full_name: Sen. Braun, Mike [R-IN]
Introduced: 2023-10-18
Policy area: Housing and Community Development
Subjects: Congressional oversight

Department of Veterans Affairs

Government lending and loan guarantees

Government studies and investigations

Housing finance and home ownership

Veterans' loans, housing, homeless programs
Latest action: action_date: 2024-07-15
text: Held at the desk.

Summaries:
action_date: 2023-10-18
action_desc: Introduced in Senate
text: <p><strong>VA Home Loan Awareness Act of 2023</strong></p><p>This bill requires Fannie Mae and Freddie Mac to include on the Uniform Residential Loan Application (i.e., Fannie Mae Form 1003/ Freddie Mac Form 65) a disclosure that (1) notifies applicants with military service that they&nbsp;may qualify for a Department of Veterans Affairs (VA) Home Loan, and (2) directs applicants to consult their lender regarding eligibility. </p><p>Not later than 18 months after the enactment of the bill, the Government Accountability Office must study and report on whether at least 80% of lenders using the loan application form have met this requirement.&nbsp;</p>

action_date: 2024-07-11
action_desc: Passed Senate
text: <p><strong>VA Home Loan Awareness Act of 2023</strong></p><p>This bill requires Fannie Mae and Freddie Mac to include on the Uniform Residential Loan Application (i.e., Fannie Mae Form 1003/ Freddie Mac Form 65) a disclosure that (1) notifies applicants with military service that they&nbsp;may qualify for a Department of Veterans Affairs (VA) Home Loan, and (2) directs applicants to consult their lender regarding eligibility. </p><p>Not later than 18 months after the enactment of the bill, the Government Accountability Office must study and report on whether at least 80% of lenders using the loan application form have met this requirement.&nbsp;</p>

tv_txt: 118th CONGRESS 2d Session S. 3068 IN THE SENATE OF THE UNITED STATES AN ACT To require each enterprise to include on the Uniform Residential Loan Application a disclaimer to increase awareness of the direct and guaranteed home loan programs of the Department of Veterans Affairs, and for other purposes.

1. Short title This Act may be cited as the VA Home Loan Awareness Act of 2023 . 2. Military service question (a) In general Subpart A of part 2 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4541 et seq. ) is amended by adding at the end the following: 1329. Uniform residential loan application Not later than 6 months after the date of enactment of this section, the Director shall, by regulation or order, require each enterprise to include a disclaimer below the military service question on the form known as the Uniform Residential Loan Application stating, If yes, you may qualify for a VA Home Loan. Consult your lender regarding eligibility. . . (b) GAO study Not later than 18 months after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to Congress a report on whether not less than 80 percent of lenders using the Uniform Residential Loan Application have included on that form the disclaimer required under section 1329 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as added by subsection (a).

Passed the Senate July 11 (legislative day, July 10), 2024. Secretary

tv_txt: II 118th CONGRESS 1st Session S. 3068 IN THE SENATE OF THE UNITED STATES October 18, 2023 Mr. Braun (for himself, Mr. Brown , Ms. Rosen , Mr. Van Hollen , Ms. Sinema , Mr. Budd , Mr. Sanders , Ms. Klobuchar , Mr. Whitehouse , Mr. Tillis , Mr. Kelly , Mr. Rubio , Mr. Warnock , Mr. Reed , Mr. King , and Mr. Welch ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require each enterprise to include on the Uniform Residential Loan Application a disclaimer to increase awareness of the direct and guaranteed home loan programs of the Department of Veterans Affairs, and for other purposes.

1. Short title This Act may be cited as the VA Home Loan Awareness Act of 2023 . 2. Military service question (a) In general Subpart A of part 2 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4541 et seq. ) is amended by adding at the end the following: 1329. Uniform residential loan application Not later than 6 months after the date of enactment of this section, the Director shall, by regulation or order, require each enterprise to include a disclaimer below the military service question on the form known as the Uniform Residential Loan Application stating, If yes, you may qualify for a VA Home Loan. Consult your lender regarding eligibility. . . (b) GAO study Not later than 18 months after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to Congress a report on whether not less than 80 percent of lenders using the Uniform Residential Loan Application have included on that form the disclaimer required under section 1329 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as added by subsection (a).