Congress Passes Protecting Affordable Mortgages for Veterans Act – NMP Skip to main content

Congress Passes Protecting Affordable Mortgages for Veterans Act

Phil Hall
Jul 10, 2019
A new study published by NDP Analytics has determined concluded that increasing the funding fee on VA home loans could result in fewer servicemembers and veterans becoming homeowners

The partisan rancor that has split Congress subsided temporarily to enable the passage of the Protecting Affordable Mortgages for Veterans Act of 2019, which has been sent to the White House for President Trump to sign into law.
 
The legislation revises the loan seasoning requirements related to a refinanced Department of Veterans Affairs (VA) housing loan. The VA is prohibited from guaranteeing a refinanced home loan until the date that is either later of the date on which the sixth monthly payment is made or the date that is 210 days after the first payment is made. The bill modifies this date to either when the borrower has made six consecutive monthly payments or 210 days after the first payment is due. The bill was introduced in the Senate by Arizona Democrat Kyrsten Sinema and in the House by Georgia Democrat David Scott.
 
Bill Killmer, senior vice president of legislative and political affairs of the Mortgage Bankers Association (MBA), welcomed the congressional passage of the bill, noting that it “clarifies when Veterans Affairs home loans qualify to be pooled into Ginnie Mae securities. Specifically, the 210-day seasoning period will begin on the first payment due date of the initial loan, which will allow lenders greater compliance certainty and better ensure that loans are not erroneously pooled into Ginnie Mae securities going forward.  MBA looks forward to President Trump signing S. 1749 into law.”

 
Published
Jul 10, 2019
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
As Expected, The Fed Raises Rate By Another 0.75%

Experts say housing industry will shrug off the latest increase.

Regulation and Compliance
Jul 27, 2022
AmTrust Ends 'No-Poach' Agreement, Pays $1.25M Fine In Deal With N.Y. AG

Company also agrees to cooperate with ongoing investigations of the title insurance industry.

Regulation and Compliance
Jul 25, 2022
NAR Chief Economist: Nationwide Home Price Decline Won't Happen Soon

Lack of inventory continues to support growth in prices, which have increased year over year for 124 straight months.

Regulation and Compliance
Jul 22, 2022
FHFA Director: Fannie, Freddie Need $300B Combined In Capital

So far, the enterprises combined have built $83.5 billion in reserves, or about 27% of the target.

Regulation and Compliance
Jul 21, 2022
Expansion Of Community Reinvestment Act A Poor Fit For A Non-Problem

Equating non-bank mortgage companies to banks is misguided for several reasons.

Analysis and Data
Jul 20, 2022