New Bill Clarifies VA Mortgage Eligibility in Ginnie Mae Securities – NMP Skip to main content

New Bill Clarifies VA Mortgage Eligibility in Ginnie Mae Securities

Oct 01, 2018
Mortgage Bankers Association (MBA) President and CEO Robert Broeksmit acknowledged and defended a news report that he successfully lobbied Treasury Secretary Steve Mnuchin

 
An effort to address an unexpected glitch in legislation designed to shield military servicemembers from predatory lending passed the House of Representatives with bipartisan support, but its future in the Senate is unclear.
 
H.R. 6737, The Protect Affordable Mortgages for Veterans Act of 2018, is designed to amend a sentence in the National Housing Act of 1934 to allow recently executed loans refinanced by the Department of Veterans Affairs (VA) Home Loans to maintain their eligibility for pooling in Ginnie Mae securities. The bill, sponsored by Rep. Lee Zeldin (R-NY), passed the House in voice vote with no objections.
 
“Ensuring certainty in the market and access to affordable mortgages for our nation’s veterans is the least we can do as they transition into civilian life,” said Zeldin. 
 
Also offering praise was Robert D. Broeksmit, president and CEO of the Mortgage Bankers Association, who noted the bill should “help to ensure the confidence in the VA home loan program that is necessary for it to remain a viable choice for the nation's service members and veterans.”
 
However, the Senate does not have a companion bill to Zeldin’s proposed legislation. The bill would need to pass both chambers of Congress in order to forward to the president to be signed into law.
 
About the author
Published
Oct 01, 2018
West Capital LO Challenges Contractor Status, Required Fees

A former originator alleges unpaid overtime, recurring tech charges, and company restrictions that he says undermine his independent-contractor status

CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations

UAD 3.6 Deadline Is Monday. Are Brokers Ready?

Wholesale lenders have adopted different rules for appraisal transfers, loan product changes, and reporting formats, adding complications for brokers and appraisers ahead of the Nov. 2 mandate

Friday Harbor Expands AI Appraisal Reviews As UAD 3.6 Deadline Nears

The new capability adds more than 350 automated checks as lenders prepare for the November 2 mandate

Oct 27, 2026